[Funding alert] Jyoti Bansal’s Harness raises $115M in new financing; attains unicorn status with $1.7B valuation
San Francisco-based B2B startup Harness, which has an R&D centre in Bengaluru, on Friday said it has raised $115 million in funding, reaching a valuation of $1.7 billion in just three years after launching from stealth.
The investment includes an $85 million Series C round led by Alkeon Capital, along with new investors Battery Ventures, Citi Ventures, Norwest Venture Partners, Sorenson Capital, and Thomvest Ventures.
The total funding also includes a $30 million Series B-1 funding round, led by existing investors Menlo Ventures, IVP, and Unusual Ventures.
With a total of $195 million in financing to date, the platform for software delivery will use the funds to grow its engineering team, support global expansion plans, and extend its intelligent software delivery platform vision.
Co-founded by Jyoti Bansal, who shot to fame when his earlier venture AppDynamics was acquired by Cisco for $3.7 billion in January 2017, aims to create an intelligent software delivery platform that allows every company in the world to become as good in software delivery as the likes of Google and Facebook.
"Our investors believe strongly in our vision of an end-to-end platform for software delivery, and we look forward to partnering with these leading investment firms as we build Harness into the next major software company,” Jyoti said.
The startup claims that it has achieved a 200 percent increase in ARR over 2019, and a 246 percent growth in customers over 2019, with new sign-ins, including National Bank of Canada, UK Home Office, and Citigroup.
Harness aims at creating a software delivery platform based on empowering developers with self-service and intelligent automation, so they can simplify how they build, test, deploy, and optimise code.
Before this funding round, Harness had raised $60 million in Series B and $20 million in Series A in 2019 and 2017, respectively.
Edited by Suman Singh