Provider of enterprise-grade end-to-end automated testing solutions that accelerate software delivery and reduce risk across complex systems
CHICAGO – Dec. 2, 2025 – First Analysis, a leading venture capital investor, has made a new investment in Cycle Labs, a leading software company in the enterprise test automation space. First Analysis led the $9.7 million Series B-1 funding, which will be used to accelerate global expansion and platform innovation and expand strategic partnerships as Cycle Labs continues to transform how enterprises deploy and validate complex supply chain solutions.
Manufacturers, third-party logistics providers, distributors, retailers and other supply chain participants increasingly face pressure to adopt new technologies to respond to evolving market demands. Traditional approaches to implementing new systems often rely on manual testing, which can be time-consuming, costly and disruptive to operations. Cycle Labs addresses this challenge with its unique supply chain test automation platform, the purpose-built solution to automate testing of the interplay between software stacks and physical operations.
“We’re thrilled to partner with First Analysis as we enter this next phase of growth,” said Cycle Labs CEO David Stephans. “We will leverage this investment to accelerate our platform and AI capabilities, grow our global footprint, and continue empowering enterprises to embrace change confidently – without the traditional risk, cost or disruption.”
“This investment reinforces the market’s recognition of Cycle Labs as the leader in supply chain test automation,” added Cycle Labs Founder, President and Executive Chairman Josh Owen. “We look forward to working closely with the First Analysis team to continue expanding our reach and the value we bring to our customers and partners.”
“Cycle Labs’ platform significantly reduces risk and speeds adoption of new technologies, allowing companies to implement system updates and operational changes with confidence,” said First Analysis Managing Director Corey Greendale. “We are proud to support Cycle Labs’ team of lifelong supply chain professionals in addressing the challenges of modernizing complex supply chains.”
Corey Greendale has joined Cycle Labs’ board.
About Cycle Labs
Cycle Labs is a software company composed of innovators dedicated to modernizing enterprise solution deployment and lowering risk through world-class test automation. The company encourages its customers and team to question everything and strive for continuous, iterative improvement. Cycle Labs is the creator of the end-to-end Cycle® Continuous Test Automation Platform. With Cycle, you can accelerate change with better, low-risk solutions for complex problems faster than ever before. For more information, please visit cyclelabs.io.
About First Analysis
First Analysis is a leading venture capital investor focused on B2B technology businesses. We have one of the longest records in venture capital, having invested over $880 million across multiple highly diversified funds over four decades. First Analysis invests mainly in North America with a focus on our sectors of expertise, including cybersecurity, e-commerce optimization, enterprise productivity, future of work, go-to-market tech, healthcare IT, infrastructure tech, Internet of Things, learning tech, pharma IT and vertical SaaS. We help established companies become profitable leaders in large markets, funding growth plans and working closely with management in areas including strategy, recruitment, sales and marketing, and corporate development. Our flexible approach targets investing $3-10 million as lead investor or as a syndicate partner bringing valuable perspective. For more information, visit www.firstanalysis.com.
For more information, please contact:
Corey Greendale
Managing Director
312-258-7139
cgreendale@firstanalysis.com
Media contact:
David Leshuk
Managing Director
312-258-7131
dleshuk@firstanalysis.com