Harness, a Modern Software Delivery Platform company, announced $150 million in financing from Silicon Valley Bank (SVB) – a division of First Citizens Bank and Hercules Capital.
This investment will be used strategically to support the expansion of the Harness platform, including the addition of new modules, further integrating generative AI into the platform, and additional investments in the company’s go-to-market engine.
The funding comes on the heels of a significant FY2024, which included expanding our executive team with top-tier talent, achieving strong revenue growth, and significantly enhancing our platform. The company’s key milestones include:
- Annual Recurring Revenue (ARR) grew from $1 million to over $100 million over the past five years.
- Customers executed over 44 million code deployments with the Harness platform in 2023, more than double the number of deployments completed in 2022.
- Broadened and evolved product offerings by adding 2,800+ new features and enhancements across the Harness platform.
- Launched AIDATM, a new generative AI assistant integrated directly into all aspects of the Software Delivery Lifecycle.
- Launched four new product modules: Code Repository, Internal Developer Portal, Infrastructure as Code Management, and Software Supply Chain Assurance. And these new modules join the existing eight offerings to deliver a powerful, seamlessly integrated software delivery platform. Each module is a solid offering that can be tailored to an organization’s specific use case and business needs.
- Added new enterprise customers like Nike, NetApp, MorningStar, and Icelandair.
- Brought in Carlos Delatorre as Chief Revenue Officer and Gleb Brichko as SVP of Marketing.
KEY QUOTES:
“At Harness, we’re building the next generation of intelligent tools and automation to supercharge developer productivity and reduce developer toil. This funding enables our company to continue innovating at a record pace, transforming the software delivery lifecycle for today’s modern enterprises. Every year, developers waste more than $1 trillion by spending 40%+ of their time working on mundane, non-code-producing work. Our platform empowers software teams to achieve excellence in velocity, quality, efficiency, and governance.”
- Jyoti Bansal, CEO and co-founder of Harness
“With this latest financing, Harness can further strengthen and expand its market-leading end-to-end software delivery platform. SVB is thrilled to continue our longstanding relationship with Harness, a prominent Forbes Cloud 100 company.”
- Robert Parker, a Bay Area-based Director covering Enterprise Software with SVB’s Corporate Technology Banking group
“We are proud to begin our partnership with Harness in collaboration with SVB. Our flexible financing solution will support the Harness team as they continue to innovate and transform the software development industry.”
- Steve Kuo, Senior Managing Director and Group Head of Technology at Hercules Capital
