Business, Investments

Code-Challenge Community HackerRank Raises USD 9.2 million in Series B

Palo Alto, California-based technical recruitment platform, HackerRank has secured USD 9.2 million in Series B round led by Khosla Ventures and Battery Ventures, as reported by Exsenses. The angel investors, Motorola Mobility VP Peeyush Ranjan, former Facebook senior director of engineering Greg Badros and Facebook’s Director of product management Dan Rubinstein have also participated in the round.

The company aims to utilize the raised funds to grow its sales team and accelerate its existing business operations. Earlier, it had raised USD 3 million in Series A round and USD 200,000 in Seed investment. Till date, including this round, it has raised total capital of USD 12.4 million.

HackerRank was launched in 2012 by Co-Founders Harishankaran Karunanidhi and Vivek Ravisankar. It was earlier known as InterviewStreet but later renamed as HackerRank. The firm is known for building a recruiting tool for companies to streamline their own recruiting process. 

At present, the company claims to had a community of 150,000+ programmers with 1,000+ paying customers.

Also Read: Education platform Declara closes USD 9 million

TechCrunch says: “As software and data science becomes a critical tool for every industry, there will be intense competition for talent in this area,” said Vinod Khosla, founder of Khosla Ventures, in a statement today. “HackerRank is clearly the first mover and lead player. This is why we’re leading this round.”

Companies can use sponsored coding challenges on the service to find potential hires, but in addition, the service also now offers a real-time whiteboard with a built-in code editor for technical phone interviews.

Among the companies that currently use the service are Amazon, Yahoo, Microsoft, VMware, Skype and Square, but Ravisankar also noted that the service has made inroads with companies that aren’t necessarily associated with tech.

Venture Beat says: “How do we build our platform so that the only thing that matters is your skills? That’s something that programmers really love,” said HackerRank cofounder Vivek Ravisankar in an interview with VentureBeat.

HackerRank is also a particularly good deal for companies that don’t have enough resources to dedicate to building an in-house recruiting platform. HackerRank focuses 100 percent of its time on this and has been quickly expanding to include more and more types of programming languages and areas in computer science, according to Ravisankar.

More from Exsenses: The company has doubled its revenue every quarter for the last three quarters based on the strong performance of this service. Monthly active users on the platform are also growing 20 to 25 percent every month. Currently, about half a million developers are active on the site.

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