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.
Contact: press@harness.io
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SOURCE Harness