US-based software engineering platform Harness secured $60m on Tuesday in a series B round co-led by investment subsidiaries of internet and technology conglomerate Alphabet and enterprise software provider ServiceNow.
GV and ServiceNow Ventures co-led the round alongside venture capital firm IVP, and it also featured Menlo Ventures and Unusual Ventures. It increased the company’s valuation to $500m, co-founder and CEO Jyoti Bansal told TechCrunch.
Founded in 2016, Harness has created a machine learning and artificial intelligence-equipped platform that helps engineering teams reduce the time and errors associated with building, testing and deploying software by automating software deployments and assessing their quality.
Harness will use the series B proceeds to bolster research and development and fund strategic hires across its engineering, sales and customer success teams.
The company has now raised $80m in total, having collected $20m in series A funding from Menlo Ventures and Big Labs, the startup studio run by Bansal, in 2017. Harness also identified Unusual Ventures as an existing investor in the series B round.
Bansal said in a statement: “We were not actively seeking new investment at this point, but our strong market traction created heavy investor interest in Harness, resulting in a fast-moving and heavily oversubscribed series B round.”