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AI Startup Success: African Founders Secure $9M Seed Funding for Thunder Code
In the world of tech and venture capital, particularly within emerging markets like Africa, stories of successful exits are always exciting. But what happens when founders who achieved one of the continent’s largest startup acquisitions decide they aren’t quite done building? That’s the case for Karim Jouini and Jihed Othmani, the minds behind Expensya, and they are back with a new venture focused on the booming field of artificial intelligence.
From Expense Management to a New AI Startup
Karim Jouini and Jihed Othmani previously made significant waves with Expensya, their expense management platform. In 2023, they sold Expensya to Medius in a deal reported to be one of the largest acquisitions of an African startup, potentially exceeding $120 million. Following this success, both founders initially planned to step away from the intense world of entrepreneurship. Jouini even took on a CTO role at Medius, overseeing integrations across multiple continents.
However, the rapid advancements and potential of generative AI proved too compelling to ignore. This new technological frontier presented an opportunity they felt they couldn’t pass up. The idea that they could potentially build something even larger and more impactful using AI pulled them back into the startup arena.
Introducing Thunder Code: AI-Powered Software Testing
Their return is marked by the launch of Thunder Code, a new AI startup. This venture is focused on revolutionizing software testing using generative AI. The platform aims to address common pain points in the software development lifecycle, specifically the slow and often manual process of quality assurance (QA) testing.
Thunder Code utilizes AI-powered “agents” designed to mimic human testers. These agents can simulate QA processes, identify subtle user interface (UI) and user experience (UX) issues, and learn from feedback to improve their effectiveness. This approach promises to significantly accelerate testing cycles and improve software quality.
Securing Significant Startup Funding Early On
The confidence in Jouini and Othmani’s vision is already evident. Thunder Code, despite being less than six months old, has successfully raised $9 million in seed funding. This substantial early investment highlights investor belief in the founders’ ability to execute and the market potential for AI-driven testing solutions.
The funding round saw participation from familiar investors from the Expensya cap table, including Silicon Badia and Jaango Capital, alongside new partners like Titan Seed Fund and strategic angel investors. Notably, some former and current Expensya employees who benefited from the acquisition also invested, demonstrating strong internal confidence in the new venture.
Lessons Learned: Speed and Talent
Drawing on their experience building Expensya, Jouini and Othmani are applying hard-earned lessons to Thunder Code. A key focus is speed. Jouini noted that they shipped their first minimum viable product (MVP) within six weeks, and the product at six months is significantly more robust than Expensya was at four years. This reflects a strategic emphasis on rapid iteration and getting the product into the hands of users quickly for feedback.
Another critical lesson is the importance of securing top talent early. Jouini is clear that investing in the best people is paramount, even if it means early capital dilution. He believes that creating a high-value company, a potential “unicorn,” while diluting ownership is preferable to holding a larger stake in a less successful venture. He also anticipates that AI will enable Thunder Code to achieve significantly higher value with a leaner team compared to traditional software companies.
The Massive Software Testing Market Opportunity
While the jump from expense management to developer tools might seem significant, Jouini sees software testing as a vast and complex market. The global software testing market is projected to exceed $100 billion by 2027. This market is still largely dominated by legacy code-based platforms, which may be slower to adapt to new technologies like generative AI.
Thunder Code aims to compete in this crowded space, leveraging its fast execution and AI-powered approach. While other companies are also exploring agentic AI for testing, the founders believe their experience and speed provide a competitive edge.
African Founders Building for a Global Market
With headquarters in Paris and an office in Tunis, Thunder Code is positioned to build a global product. The company is already gaining traction with paying customers and pilot programs across the U.S., Canada, France, and Tunisia. They are partnering with delivery managers, QA shops, and development teams looking to accelerate their testing processes.
Jihed Othmani’s deep expertise in generative AI, developed while building internal tools at Expensya before the mainstream AI boom, is a crucial asset. This complementary skill set, combined with the substantial startup funding secured, positions Thunder Code to move quickly and capture market share in the evolving software testing landscape.
Conclusion: A Powerful Return
The return of Karim Jouini and Jihed Othmani to the startup world is a compelling story of experienced African founders leveraging past success and hard-earned lessons to tackle a massive global market with cutting-edge technology. Their new AI startup, Thunder Code, armed with significant early funding and a focus on speed and talent, is poised to make a significant impact on software testing. It serves as a powerful reminder that even after a major exit, the drive to build and innovate can lead to exciting new ventures, especially at the forefront of transformative technologies like generative AI.
To learn more about the latest AI market trends, explore our article on key developments shaping AI features.
This post AI Startup Success: African Founders Secure $9M Seed Funding for Thunder Code first appeared on BitcoinWorld and is written by Editorial Team
