Rapidly Growing Tech Sector
Harness announced that the latest Series C funding round was led by Alkeon Capital, while new investors Battery Ventures, Citi Ventures, Norwest Venture Partners, Sorenson Capital, and Thomvest Ventures also took part.
“I’d first like to say a huge thank you to our hundreds of paying customers, and to the thousands of community users who have partnered with us since coming out of stealth in 2017. Your confidence and trust in Harness keeps our 300-strong team laser-focused on delivering the best software delivery platform on the planet,” CEO and co-founder Jyoti Bansal said in an official blog post.
Series C funding numbers mean that the business has recorded huge success lately as it more than tripled its valuation in less than two years. The tech startup was valued at $500 million when it raised $60 million during Series B. The company previously had raised $30 million to bring the total number of funds raised to $205 million since its founding in 2015.
Harness has attracted huge attention from venture investors for its business as its co-founder Bansal has a track record of developing small tech startups and turning them into multi-billion dollar businesses. He previously founded and ultimately sold AppDynamics to Cisco in 2017 for $3.7 billion.
“The business is doing very well, so the investor community has been proactively reaching out and trying to invest in us. We were not actually planning to raise a round until later this year. We had enough capital to get through that, but there were a lot of people wanting to invest,” Bansal said.
“Overall, the investor community sees the value in developer tools and the DevOps market. There are so many big public companies now in that space that have gone out in the last three to five years and that has definitely created even more validation of this space,” he added.
The tech company saw its revenue triple in 2020 amid the accelerated digital transformation. Bansal revealed that his company attracted so much interest that they could have raised twice as much in funds if they wanted to.
Harness, a business founded by brilliant young entrepreneur Jyoti Bansal, who sold AppDynamics to Cisco for $3.7 billion four years ago, said it raised $115 million on a $1.7 valuation.
About the Author
Avi Ben Ezra is the Chief Technology Officer (CTO) and Cofounder of SnatchBot and SnatchApp (Snatch Group Limited). He leads the Group’s long-term technology vision and is responsible for running all facets of the tech business which includes being the architect of the platforms and UI interfaces.