New updates have been reported about Harness (PC:HARNX)
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Harness, an AI-driven DevOps tool provider founded by Jyoti Bansal, has successfully raised $240 million in a Series E funding round, elevating its valuation to $5.5 billion. This funding round, led by Goldman Sachs with participation from IVP, Menlo Ventures, and Unusual Ventures, includes a $200 million primary investment and a $40 million tender offer aimed at providing liquidity to long-term employees. The company, which has now raised a total of $570 million, plans to use the new capital to bolster its R&D efforts, expand its engineering team in Bengaluru, and enhance its automated testing, deployment, and security capabilities.
Harness is strategically positioned to address the challenges posed by the increasing volume of AI-generated code, which intensifies the demand for efficient post-coding processes like testing and deployment. The company leverages AI agents and a unique software delivery knowledge graph to automate these processes, ensuring accuracy and compliance through human oversight. With over 1,000 enterprise customers and significant operational achievements, Harness is set to expand its international presence and strengthen its U.S. market operations. The recent merger with Traceable, Bansal’s software observability firm, has further fueled Harness’s growth, contributing to its projected annual recurring revenue of over $250 million by 2025. Looking ahead, Bansal envisions taking Harness public, emphasizing the company’s robust growth and strong market position as key factors for a successful IPO.