New updates have been reported about Harness (PC:HARNX)
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Harness, an AI Software Delivery Platform company, has successfully raised $240 million in a Series E funding round, elevating its valuation to $5.5 billion. The investment, led by Goldman Sachs Alternatives, includes a $200 million direct investment and a $40 million tender offer with contributions from IVP, Menlo Ventures, and Unusual Ventures. This capital injection is set to accelerate the development of Harness AI, a platform designed to streamline the software delivery process by automating tasks beyond code writing, such as testing, deployment, and security.
Harness aims to address the growing complexity in software delivery as AI-generated code increases fourfold, necessitating efficient management of the ‘outer loop’ of the engineering lifecycle. The platform’s AI agents, knowledge graph, and orchestration engine work together to automate and optimize these processes, reducing manual effort and enhancing reliability. Harness’s solutions have already delivered significant improvements for clients like United Airlines and Morningstar, who have seen faster deployment times and increased operational efficiency. With the new funding, Harness plans to expand its global presence and continue innovating its platform to meet the demands of modern software engineering. The company is on track to surpass $250 million in annual recurring revenue, reflecting over 50% year-over-year growth, and is trusted by over 1,000 enterprise customers worldwide.