Funding
Bengaluru Based Startup HackerEarth Raised $ 4.5 Million In ‘Series-A’ Funding
Bengaluru-based startup technology company HackerEarth recently raised $4.5 million in Series A funding. Founded by Sachin Gupta and Vivek Prakash in 2012, HackerEarth is a competitive programming platform which supports over 32 programming languages.
Going deeper into the details, the current funding of $4.5 million has been led by strategic investor DHI Group Inc., which operates career based website Dice.com, followed by BEENEXT, Singapore-based early stage venture fund, Startup platform BEENOS and also from online marketing firm Digital Garage and BizReach.
Prime Venture Partners, HackerEarth’s current investor also participated in this funding round, which raised as much as $5 million till date. The funds raised till now will be used to strengthen its product team and expand its business internationally.
Sachin Gupta, CEO, and Co-Founder of HackerEarth said in an interview: “We see good potential in this space and want to invest in growing this business. This is in line with our efforts to build a large developer community across the globe and help companies do better talent management.”
There also news that HackerEarth has spread its presence overseas like in African and South American markets like in Mexico, Brazil, Bolivia, Kenya, Nigeria, and Venezuela. This firm basically focusses on evolving their SaaS product called Sprint.
The founders of HackerEarth, Sachin and Vivek said that their goal is to assess the talent of developers under objective parameters of quality (of code) and the problems they crack over time.
He also recalls saying: “Our anecdote to start up was in college, when we saw the best guy in our batch not getting placed. We realized that the way engineers or developers were evaluated is very subjective and riddled with biases. But the thing about developers is that their skill is so objective, and it wasn’t being objectively assessed.”
HackerEarth was founded in November 2012 and this startup secured $ 500,000 from startup incubator AngelPrime and GSF Accelerator in 2014. Basically, this organization helps recruiters in finding the right candidate for technical jobs and also in assessing candidates.
HackerEarth has two products:
1) Recruit, which is a candidate assessment platform that allows recruiters to create programming tests and evaluate candidates.
More than 500 companies including Amazon, Walmart, and Cognizant have used it for technical assessment. The annual subscription fee ranges from $5,000 -$30,000.
2) Sprint: An innovation management platform for businesses. This offers end to end management capabilities for hackathons. The annual subscription fee for Sprint will be $ 30,000-$ 50,000.
The company makes a revenue of about $ 350,000 in a month, which is expected to shoot up at least 75%in the next 12 months. With more than 700 customers, the company expects to double up its customer count by next year.
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