Harness Raises $150 Million in New Financing
Investment from Silicon Valley Bank and Hercules Capital Will Further Accelerate Platform Innovation
SAN FRANCISCO, May 14, 2024 /PRNewswire/ -- Harness, the Modern Software Delivery Platform® company, today announced $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 Repository, Internal Developer Portal, Infrastructure 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.
About Harness
Harness is the leading end-to-end platform for complete software delivery. It provides a simple, safe, and secure way for engineering and DevOps teams to release applications into production. Harness uses AI and machine learning to monitor the quality of deployments and automatically roll back failed ones, saving time and reducing the need for custom scripting and manual oversight, giving engineers their nights and weekends back. Harness customers accelerate deployments by up to 75%, reduce infrastructure costs by up to 60%, and decrease lead time for changes by up to 90%. Harness is based in San Francisco.
Please visit www.harness.io to learn more.
About Silicon Valley Bank
SVB's Technology Corporate Banking Division works with some of the most innovative public and late-stage private companies in the U.S. technology sector, providing a full suite of lending and banking solutions, as well as guidance as an active and trusted partner helping clients succeed and quickly scale. SVB is proud to serve over two-thirds of the companies currently listed on the Forbes 2023 Cloud 100 list.
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world's most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science, healthcare, private equity, venture capital, and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights, and connections. SVB's parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First-Citizens Bank & Trust Company, Member FDIC. Learn more at svb.com
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology, life sciences, and sustainable and renewable technology industries. Since inception (December 2003), Hercules has committed over $20 billion to over 650 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact info@htgc.com, or call 650.289.3060.