Harness, a startup that intends to build a suite of engineering tools to provide small businesses the same technological reach as major businesses, has raised $230M in additional funding at a valuation of $3.7B, more than double its previous worth since January 2021.
J.P. Morgan, Capital One Ventures, Splunk Ventures, Adage Capital Partners, Balyasny Asset Management, Gaingels, Harmonic Growth Partners, and all existing investors, including ServiceNow, Menlo Ventures, IVP, Unusual Ventures, Citi Ventures, Battery Ventures, Alkeon Capital, GV (formerly Google Ventures), Sorenson Capital, Thomvest Ventures, and Silicon Valley Bank, led the Series D round.
Funding breakdown
The total amount raised is $175M in equity and $55M in debt finance. Since its $85 million Series C round last year, when it was valued at $1.7B, the company’s valuation has climbed by $2B. According to Crunchbase data, the company has now raised $370M.
Harness will use the new capital to extend the Harness Software Delivery Platform and continue to hire world-class talent across the firm.
Harness CEO and cofounder Jyoti Bansal says, “Today’s milestone investment round and Harness’s quickly expanding valuation are only achievable due to our wonderful, satisfied clients. Enterprises rely on their software development teams to innovate swiftly in today’s software-fueled economy. We’ll keep providing developer teams with the comprehensive software delivery solution they need to produce innovative, safe software at scale while also providing the developer experience that leading teams want.”
Jyoti Bansal, the company’s founder and CEO, previously founded AppDynamics, which he sold to Cisco for $3.7B in 2017.
Over time, the platform has grown to incorporate CI/CD tools, cloud pricing optimization, feature flags, and chaotic engineering. Bansal has opted to construct in certain circumstances and buy in others, such as when the company purchased ChaosNative last month or Drone.io in 2020.
Nitty gritties
While the number of employees is now nearing 700, up from 250 at the time of his Series C at the beginning of last year, Bansal intends to put more resources into R&D to construct other modules on the platform, as well as expand the company’s international reach, using this funding. Bansal, as an experienced startup founder, has given considerable attention to how to develop a diverse and inclusive company.
The company began by developing a continuous delivery module. Following that was a cost-cutting module for the cloud. The firm purchased open-source continuous integration company Drone.io last year, and they are now working on incorporating it into the platform, which is presently in beta.
“Every business is now a software firm. However, developing and deploying software is still far too time-consuming. Jyoti and the Harness team had an ambitious aim when we originally joined with them last year: to automate and streamline every phase of the software delivery lifecycle “Rama Sekhar, Partner at Norwest Venture Partners, agreed. “They have since over-delivered on that goal and expanded it to new areas such as cloud cost efficiency and security. We are thrilled to expand our collaboration with Harness’s world-class team as they develop the Modern Software Delivery Platform.”
