Saola
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Saola AI - Deal Memo
Date Reviewed: January 8, 2026 Stage: Seed (likely) Source: Pitch Deck (November 2025)
Summary
One-liner: Autonomous E2E testing platform with proprietary non-LLM AI models that learns from production user behavior to generate and maintain tests.
Founders:
- Arkady Fukzon (CEO) - Mamram alumni, 3rd-time founder, ~20 years R&D. Former R&D Director at Salt Security ($1.4B valuation). Previous: Fiverr, SALT, Pipl.
- Eran Shahar (CTO) - 8200 alumni, ~20 years R&D. Previous: Panaya ($200M exit to Infosys), Logz.io.
Round:
- Previously raised: $2.5M (incl. $1M SAFE from VentureIsrael, April 2025)
- Investors: VentureIsrael, Cardumen Capital, First Star Ventures, Step Function Ventures
- Round terms not disclosed in deck
Key Metrics (as of Nov 2025):
- $500K ARR (started sales Dec 2024 - 12 months to $500K)
- Land & expand working: Checkmarx $10K → $100K ACV in 12 months
- Impressive logo pipeline: IKEA, Monday.com, Wix, Salesforce, TELUS, NiCE in trial
- 6 global channel partnerships (US, Israel, EMEA, Japan, India, Europe)
- Team: 7 people
Investment Thesis
1000x Opportunity?
POTENTIALLY YES - Strong market dynamics
- TAM: $50B (2024) → $70B (2030) software testing market
- Key insight: >90% of market is services and labor - massive automation opportunity
- Why now: AI-generated code is exploding (50% today, 90% in 1-2 years per industry data). Creates existential need for independent quality validation.
- Problem framing is compelling: "Who guards the guards?" - using same LLMs to test code they generated is circular. Saola's proprietary non-LLM approach is differentiated.
- Timing: Market inflection point as AI coding tools (Cursor, Windsurf, Claude Code) create velocity that QA can't match
Market size check: $50-70B is a legitimate 1000x pond. Fortune Business Insights confirms $856M AI-enabled testing market growing to $3.8B by 2032 (20.9% CAGR).
Kingmaker Fit?
STRONG FIT
- CTO network (800+): Direct ICP match - Saola sells to CTOs/VP R&D, not QA teams. Could unlock significant enterprise pipeline.
- Technical scaling: AI/infrastructure background highly relevant for their proprietary model architecture
- GTM guidance: Top-down enterprise sales motion benefits from technical credibility intros
- DeepMind network: Potentially valuable for AI talent and technical validation
Assessment: This is exactly the type of deal where your CTO network becomes the difference between $500K ARR and $5M ARR.
Green Flags
- Exceptional traction velocity - $0 to $500K ARR in 12 months with 7-person team is capital efficient
- Land & expand proven - Checkmarx 10x expansion ($10K → $100K) demonstrates product stickiness
- Technical differentiation - Proprietary non-LLM models (not just wrapping GPT). On-prem deployable for enterprise.
- Strong founder backgrounds - 8200 + Mamram alumni, 20+ years each in R&D. Eran's Panaya connection ($200M exit).
- Contrarian timing - Entering when everyone is using LLMs; building specialized models instead
- Right ICP - Selling to CTOs, not QA teams. Top-down motion with budget authority.
- Enterprise-ready - On-prem deployment crucial for regulated industries (IKEA, Bank of Israel in pipeline)
- Global partnerships - 6 channel partners across US, EU, Japan, India suggests strong inbound demand
- Immigrant founders - Both founders are Israeli, deep tech ecosystem pedigree
Red Flags
- Heavily funded competition - Tricentis just raised $1.33B, QA Wolf raised $57M, Mabl has Google Ventures backing. Saola has $2.5M.
- Acquisition risk - In consolidating market (Tricentis acquired Testim for $200M), Saola could be acquired early before realizing full value
- Founder exit history unclear - Arkady was director at Salt Security (not founder equity). His prior startups (Creojam, RAD-ACE) have unclear outcomes. Eran's Panaya role/equity unclear.
- Small team for scope - 7 people building proprietary AI models, enterprise product, and global sales. Execution risk.
- Domestic-only funding - VentureIsrael is solid but no international VC validation yet (Sequoia, a16z, etc.)
- Trial conversion unknown - Many impressive logos (IKEA, Salesforce) but shown as "trial/pre-trial" (opaque logos). Need to understand conversion rate.
- No US presence - Team is Israel-based. Enterprise sales to US CTOs may require US footprint.
Competitive Analysis
| Company | Funding | ARR | Approach | Differentiation |
|---|---|---|---|---|
| Tricentis | $1.33B | $400M | Enterprise platform | Acquisition consolidator (Testim $200M) |
| QA Wolf | $57M | ~$15-20M | Managed service + AI | Human-in-the-loop, 80% coverage guarantee |
| Mabl | Series C (GV) | Growing fast | GenAI assertions | 700% adoption of GenAI features |
| Appvance.ai | $24M | Unknown | Autonomous testing | Patents on AI test generation |
| Saola | $2.5M | $500K | Proprietary non-LLM | Production user behavior as test source |
Saola's edge: Learning from real production user sessions (30M+ recorded) vs competitors who generate tests from code analysis or recordings. This is genuinely differentiated.
Risk: Well-funded competitors could acquire similar capability or out-market Saola.
Key Questions
Team
- What was Eran's specific role and equity at Panaya ($200M exit)?
- What happened to Arkady's previous startups (Creojam, RAD-ACE)?
- Why did Arkady leave Salt Security (director role at $1.4B company)?
- Hiring plan - when do they plan to add US-based sales?
- Vision test: Do they pass the George/Alex test? Can you see their vision?
Market
- What's the trial-to-paid conversion rate on enterprise pipeline?
- Which logos (IKEA, Salesforce, etc.) are closest to converting?
- What's the typical sales cycle length?
- How do they compete against Tricentis/QA Wolf in enterprise deals?
Product
- How defensible is the proprietary AI moat?
- What's the unit economics on their AI infrastructure?
- How does the on-prem deployment work for enterprise?
- Customer references - can we talk to Checkmarx, Unit Finance?
Financials
- What are the round terms? (Not in deck)
- What's the current burn rate and runway?
- Use of funds breakdown?
- Path to Series A - what milestones needed?
Decision
PROCEED TO TIER 2 - Schedule founder call
Rationale
This passes the initial 1000x + Kingmaker filter:
1000x case:
- $50B+ market with 90% services/labor (automation thesis)
- Timing is perfect (AI code generation creating quality crisis)
- Technical differentiation (proprietary models, not LLM wrappers)
- Traction velocity is exceptional ($500K ARR in 12 months)
Kingmaker case:
- ICP is CTOs - direct network match
- Enterprise motion benefits from technical credibility intros
- AI/infrastructure expertise relevant to their architecture
Key concerns to resolve:
- Founder exit history needs verification
- Trial conversion data on enterprise logos
- Competitive positioning against $1B+ funded rivals
- Round terms and valuation
Next steps:
- Schedule founder call with Arkady and Eran
- Vision test - assess conviction and obsession level
- Request customer reference calls (Checkmarx, Unit Finance)
- Understand round terms and timeline
- Deep dive on competitive differentiation
Appendix
Market Size
| Metric | Value |
|---|---|
| Software Testing TAM (2024) | $50B |
| Software Testing TAM (2030) | $70B |
| AI-Enabled Testing (2024) | $857M |
| AI-Enabled Testing (2032) | $3.8B |
| CAGR | 20.9% |
Traction Timeline
| Date | ARR | Key Customers |
|---|---|---|
| Dec 2024 | Sales start | Loris, Lingopie, Apono |
| Q1 2025 | $100K | Checkmarx, Unit Finance |
| Q2 2025 | $200K | Hopper, TrialKit, Creednz |
| Q4 2025 | $500K | OxSecurity + Enterprise trials |
Team
| Name | Role | Background |
|---|---|---|
| Arkady Fukzon | CEO | Mamram, Salt Security (Director), 3rd-time founder |
| Eran Shahar | CTO | 8200, Panaya, Logz.io |
| Reem Hagbi | Head of R&D | |
| Raz Tamir | Head of Data Science | |
| Shay Malchi | Tech Lead | |
| Dima Feldman | Senior FE Engineer | |
| Reut Shafferman | Data Scientist |
Competitors
| Company | Total Funding | Key Acquisition |
|---|---|---|
| Tricentis | $1.33B | Testim ($200M), SeaLights (2024) |
| QA Wolf | $57M | - |
| Mabl | Series C (GV) | - |
| Appvance.ai | $24M | - |
| Sauce Labs | PE-backed | AutonomIQ (2021) |
Channel Partners
| Region | Partner |
|---|---|
| US | EnGenious |
| Israel | Matrix |
| Africa & EMEA | Dugson |
| Japan | Atlacle |
| India | SDET |
| Europe | itecor |
Documents
attachments/Saola Deck - Nov 2025.pdf- Pitch Deck (November 2025)
Research Sources
- Crunchbase: Saola AI, Arkady Fukzon profiles
- LinkedIn: Arkady Fukzon, Eran Shahar
- Fortune Business Insights: AI-Enabled Testing Market
- Tracxn: Tricentis, QA Wolf, Appvance.ai profiles
- TechCrunch: QA Wolf Series B coverage
- Gartner: 2025 Magic Quadrant for AI-Augmented Testing
Research Update — January 15, 2026
Web Research Findings
Press Coverage:
- Calcalist Tech: "SaolaAI: A zero-maintenance AI platform for software testing"
- Startup Nation Central: Israeli startup profile
- Crunchbase: Company profile with funding history
Company Updates:
- 30M+ user sessions recorded (up from earlier figures)
- "Trusted by hundreds of engineering teams" per company website
- Positioning: "First truly self-evolving autonomous platform"
- Office: Ramat Gan, Tel Aviv, Israel
Funding Confirmed:
- $1M SAFE from VentureIsrael (April 2025)
- Total raised: $2.5M (matches deck)
Founder Profiles:
- Arkady Fukzon Crunchbase: Previous roles at Salt Security, Pipl, RAD-ACE, Creojam
- Arkady described as having "decade of expertise in driving innovation and growth in B2B SaaS"
Next Action
- Search Steven's email for prior communication with arkady@saola.ai
- Reschedule founder call (Steven canceled Dec 23)
Saola AI - Contacts
Founders
| Name | Role | Phone | Calendar | ||
|---|---|---|---|---|---|
| Arkady Fukzon | CEO | arkady@saola.ai | — | Google Calendar | |
| Eran Shahar | CTO | — | — | — |
Team
| Name | Role |
|---|---|
| Reem Hagbi | Head of R&D |
| Raz Tamir | Head of Data Science |
| Shay Malchi | Tech Lead |
| Dima Feldman | Senior FE Engineer |
| Reut Shafferman | Data Scientist |
Related Contacts
| Name | Role | Notes |
|---|---|---|
| — | — | — |
Relationship Timeline
| Date | Type | Summary |
|---|---|---|
| Dec 16, 2025 | Meeting booked | Steven booked 30-min call with Arkady |
| Dec 23, 2025 | Steven canceled (sick), asked for deck | |
| Dec 23, 2025 | Arkady sent deck, calendar link, confirmed raising | |
| Jan 8, 2026 | Deck review | Completed Tier 1 DD — proceed to Tier 2 |
Last Touchpoint
Date: December 23, 2025 Status: Ball in Steven's court — Arkady responded, awaiting reply Next Action: Book call via Google Calendar link, send follow-up email
Notes - Saola AI
December 23, 2025
Type: Email Thread Summary: Gmail conversation with founder Arkady Fukzon
From Steven (Dec 23, 2025):
- Canceled scheduled meeting (Dec 24) due to being sick from Taiwan
- Asked: 1) Are you actively fundraising? 2) Can I have your investor deck and booking link?
From Arkady Fukzon (Dec 23, 2025):
"Hey Steven, Hope you're feeling better. We're indeed raising now - attaching our deck, you can choose a time here: https://calendar.app.google/4VAPrhLG57iTNoFpa7"
Key Takeaways:
- Confirmed actively raising
- Deck attached (likely the November 2025 deck already reviewed)
- Calendar link provided for scheduling
Contact Info:
- Email: arkady@saola.ai
- Calendar: https://calendar.app.google/4VAPrhLG57iTNoFpa7
Next Step: Book call using calendar link, prepare vision test questions
Draft Outreach Email
To: Arkady Fukzon (arkady@saola.ai) Subject: Saola - interested in learning more
Hi Arkady,
I came across Saola and spent some time going through your November deck. The traction is impressive - $500K ARR in 12 months with a 7-person team, and the Checkmarx expansion story (10x in a year) is exactly the kind of land-and-expand motion that scales.
What caught my attention is the "who guards the guards" framing. As someone who's been a founding engineer at three unicorns (Honey, Metropolis, Rubicon), I've lived through the QA bottleneck at scale. The insight that we're using the same LLMs to test code they generated feels like a genuine blindspot in the market right now.
A few things that make me think I could be useful beyond capital:
- Distribution: I have warm intros to 800+ CTOs - your exact ICP. For a top-down enterprise motion selling to engineering leadership, this could meaningfully accelerate pipeline.
- Technical scaling: Having built infrastructure at companies from seed to $4B+ exits, I've seen the architectural decisions that matter for AI systems at scale.
I'd love to learn more about where you're headed and whether there's a fit. Would you have 30 minutes for a call in the next week or two?
Best, Tiwen
Date: January 8, 2026 Type: Deck Review + Due Diligence Summary:
- Reviewed pitch deck (November 2025)
- Autonomous E2E testing with proprietary non-LLM AI models
- Founded by Arkady Fukzon (CEO, Mamram, 3x founder) and Eran Shahar (CTO, 8200, ex-Panaya/Logz.io)
- $500K ARR as of Q4 2025 (started sales Dec 2024)
- Raised $2.5M to date (VentureIsrael, Cardumen, First Star, Step Function)
- Impressive pipeline: IKEA, Monday.com, Wix, Salesforce, TELUS in trial
Impressions:
- Traction velocity is exceptional - $0 to $500K ARR in 12 months is capital efficient
- Technical differentiation is real - proprietary non-LLM models, on-prem deployable
- "Who guards the guards" framing is compelling and timely
- ICP is CTOs/VP R&D - direct match for my network
- Land & expand working: Checkmarx 10x'd ($10K → $100K ACV)
- Strong Israeli tech pedigree (8200, Mamram)
Concerns:
- Competition is heavily funded (Tricentis $1.33B, QA Wolf $57M)
- Founder exit history needs verification (Arkady was director at Salt, not founder)
- Big logos in trial - need to understand conversion rate
- Small team (7) for ambitious scope
Decision: Proceed to Tier 2 - Schedule founder call
Follow-ups:
- Send outreach email to Arkady
- Schedule 30-min intro call
- Vision test - assess George/Alex quality
- Clarify Eran's role/equity at Panaya ($200M exit)
- Get trial-to-paid conversion data on enterprise pipeline
- Request customer reference (Checkmarx or Unit Finance)
- Understand round terms and valuation