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Harness Raises $150 Million From Silicon Valley Bank

SAN FRANCISCO — Harness, operator of a software delivery platform, has raised $150 million in financing from Silicon Valley Bank (SVB), a division of First Citizens Bank, and Hercules Capital, Inc. (NYSE: HTGC). The 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.

“At Harness, we’re building the next generation of intelligent tools and automation to supercharge developer productivity and reduce developer toil,” said Jyoti Bansal, CEO and co-founder of Harness. “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.”

This investment comes on the heels of a groundbreaking FY2024, which included expanding our executive team with top-tier talent, achieving strong revenue growth, and significantly enhancing our platform. Key milestones include:

  • Experienced rapid Annual Recurring Revenue (ARR) growth, going from $1M to more than $100M over the past five years.
  • Customers executed more than 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.
  • Introduced AIDATM, a new generative AI assistant integrated directly into all aspects of the Software Delivery Lifecycle.
  • Launched four new product modules: Code RepositoryInternal Developer PortalInfrastructure as Code Management, and Software Supply Chain Assurance. These new modules join the existing eight offerings to deliver a powerful, seamlessly integrated software delivery platform. Each module is a best-in-class offering that can be tailored to an organization’s specific use case and business needs.
  • Added new enterprise customers, including Nike, NetApp, MorningStar, and Icelandair.
  • Welcomed Carlos Delatorre as Chief Revenue Officer and Gleb Brichko as SVP of Marketing.

“With this latest financing, Harness can further strengthen and expand its market-leading end-to-end software delivery platform,” said Robert Parker, a Bay Area-based Director covering Enterprise Software with SVB’s Corporate Technology Banking group. “SVB is thrilled to continue our longstanding relationship with Harness, a prominent Forbes Cloud 100 company.”

“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,” said Steve Kuo, Senior Managing Director and Group Head of Technology at Hercules Capital.