Online skill assessment tool and technical talent management platform Startup HackerEarth has secured the Series A Funding of $4.5 Million. The funding round was led by US-Based DHI Group Inc.
The funding round was also supported by existing investor Prime Venture Partners and a clutch of new investors that include Beenext, Beenos, Digital Garage and BizReach.
The Bangalore-based startup was started in the year 2012 by IIT Roorkee alumni Vivek Prakash and Sachin Gupta. HackerEarth is a product company that provides technical recruitment solutions for talent sourcing and skill assessment. HackerEarth allows recruiters to quickly identify and hire the right candidate from its thriving community of developers.
HackerEarth uses its proprietary algorithm and data science to assess a programmer’s skill set by analysing his/her publicly available coding data from sources like Github, StackOverflow etc. Assessment Tool – HackerEarth’s assessment tool allows the recruiter to save their countless developer hours, by automating the assessment process end to end.
Sachin Gupta, CEO and co-founder of HackerEarth, said: “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. With this round, we have raised a total of USD 5 million in equity investment to date. With this fresh infusion of capital, we aim to aggressively grow in the space of innovation management.”
Earlier in February 2014, the startup has raised $500K from Prime Venture Partner. HackerEarth provides innovation management software to companies, including Pitney Bowes, Amazon, Walmart Labs and Honeywell. The company claims to charge clients an annual subscription fee of $5,000-30,000 for Recruit and about $30,000-50,000 for Sprint.
Commenting on the investment, Michael Durney, president and chief executive at DHI group, said: “We were thrilled to expand our partnership with HackerEarth and invest in a product which helps tech professionals manage their careers and hiring organisations efficiently verify tech candidates to make the recruiting process more seamless. The employment market for tech professionals remains tight and DHI, together with HackerEarth, is delivering an effective service for professionals and employers to gain an advantage over competitors.”
This new funding comes at a time when the company is gradually moving away from talent sourcing and is remodelling itself as an innovation management firm. The platform has already expanded its presence to African and South American markets including Kenya, Nigeria, Mexico, Brazil, Bolivia, and Venezuela. Read more about Indian Startup Ecosystem.