Harness Valuation Soars to $3.7 Billion With $230 Million in Series D Funding

Company Valuation More Than Doubles Amid Rapid Customer Adoption of Harness Software Delivery Platform

SAN FRANCISCO, April 26, 2022 /PRNewswire/ -- Harness, the modern software delivery platform company, today announced it has closed $230 million in new financing at a valuation of $3.7 billion, more than doubling its valuation since its last financing round in January 2021. Norwest Venture Partners led the Series D round, with new investors J.P. Morgan, Capital One Ventures, Splunk Ventures, Adage Capital Partners, Balyasny Asset Management, Gaingels, Harmonic Growth Partners and all existing investors participating, including ServiceNow, Menlo Ventures, IVP, Unusual Ventures, Citi Ventures, Battery Ventures, Alkeon Capital, GV (formerly Google Ventures), Sorenson Capital, Thomvest Ventures and Silicon Valley Bank. The round includes $175 million in equity and $55 million in debt financing. Harness will use the new funding infusion to continue to grow its world-class talent across the company and further expand the Harness Software Delivery Platform.

"Today's milestone funding round and Harness's rapidly rising valuation is only possible because of our incredible, delighted customers," said Jyoti Bansal, Harness CEO and cofounder. "In today's software-fueled economy, enterprises rely on their software development teams to innovate quickly. We will continue to provide developer teams with the complete software delivery solution they need to deliver innovative, secure software at scale while delivering the developer experience leading teams require."

"Every company has now become a software company. But building and deploying software is still way too cumbersome. When we first partnered with Harness last year, Jyoti and the team had an ambitious vision to automate and streamline every step of this software delivery lifecycle," said Rama Sekhar, Partner at Norwest Venture Partners. "Since then, they have over-delivered on that plan, and have expanded it to new areas like cloud cost optimization and security. We are excited to double down on our partnership with the world-class team at Harness as they build the Modern Software Delivery Platform."

"ServiceNow is thrilled to continue supporting Harness as they execute on their mission of simplifying software delivery to create the seamless digital experiences that customers and employees expect, now more than ever," said Philip Kirk, Vice President of Corporate Business Development at ServiceNow. "Intelligent platforms like Harness are solving key challenges for Enterprise DevOps teams and we look forward to expanding on our collaboration."

Harness's mission is to enable every one of the 27 million software developers in the world to deliver code to their end users quickly, securely, reliably and efficiently while dramatically improving the developer experience. The financing round follows a year of major accomplishments across the company, including:

- Annual revenue rate (ARR) more than doubled year over year
- Rapid employee growth from 250 employees in January 2021 to nearly 700 Harnessians today
- Hundreds of new enterprise customers added to the Harness Software Delivery Platform
- Major Harness Software Delivery Platform expansion, including:
          - Four new modules: Harness Service Reliability Management, Harness Feature Flags, Harness Security Testing Orchestration and Harness Chaos Engineering           
          - Over 100 new features, including: Enterprise GitOps for Harness CD, Policy Engine based on OPA, High Availability CI, Intelligent Cloud Auto-Stopping with CCM and GitOps support in Feature Flags 
- Over 17 million annual deployments on the Harness Software Delivery Platform
- Harness supports multiple open source and source-available projects, including Drone, LitmusChaos and Harness CD Community Edition. Drone alone has more than 180 million Docker pulls and over 24k stars on GitHub
- Awarded Forbes 50 Best Cloud Computing Companies, Glassdoor Best Places to Work, TechCrunch Best Tech Startups to Work For, Glassdoor and Battery Ventures Highest-Rated Cloud-Computing Companies To Work For, Quartz Best Companies for Remote Workers, San Francisco Business Times Best Places to Work and more.

Please visit www.harness.io for more information or learn about joining our team at https://harness.io/company/careers/.

About Harness
Harness, the Modern Software Delivery Platform™, provides a simple, safe and secure way for engineering and DevOps teams to rapidly release applications into production. Harness uses machine learning to detect 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 weekends back. Harness Inc. is based in San Francisco. More on Twitter @harnessio and at harness.io.

SOURCE Harness