HackerEarth raises $4.5 million from DHI Group, others
The latest funding comes at a time when HackerEarth is gradually moving away from talent sourcing and remodelling itself as an innovation management firm
Bengaluru: HackerEarth Technologies Pvt. Ltd, a start-up that provides online skill evaluation and innovation management services, has raised $4.5 million in a Series A funding round led by DHI Group Inc.
Beenext, Beenos, Digital Garage and BizReach, along with existing investor Prime Venture Partners, also participated in this round, said a senior company executive.
DHI owns Dice, a recruitment portal focused on technology hiring.
“We always had a global aspiration. We have 15% of our business coming from outside India, largely the US and then Europe and South East Asia. But, we do understand that beyond a certain point, distribution is a challenge for a start-up. Dice brings us that reach,” Sachin Gupta, co-founder and chief executive at HackerEarth said in an interview.
HackerEarth had earlier raised $500,000 from Prime Venture Partners in February 2014.
The company was founded in October 2012 by Gupta and Vivek Prakash, alumni of Indian Institute of Technology, Roorkee, as a skill evaluation and talent sourcing platform.
“We were thrilled to expand our partnership with HackerEarth and invest in a product which helps tech professionals manage their careers and hiring organizations 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,” Michael Durney, president and chief executive at DHI group, said in a statement.
The latest funding comes at a time when the company is gradually moving away from talent sourcing and remodelling itself as an innovation management firm.
HackerEarth currently has two products: Recruit, which helps companies evaluate candidates; and Sprint, a platform launched in 2015 to help companies manage hackathons, which has now metamorphosed into an innovation management platform for businesses.
“Until now, Sprint was a software for managing hackathons, but going forward, it will become a software that will help organizations drive innovation. It will give people a platform to ideate. Sprint will enable everything from coming up with an idea, working on that idea collaboratively with other people in the organization, converting that into a proof of concept and then presenting it to the decision-makers,” Gupta said.
“Sprint has largely been driven through hackathons. Going forward, we are converting into a full-fledged enterprise management software where we move away from an event-based model and make it a more ongoing process,” he said.
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.
HackerEarth currently clocks about $350,000 in monthly revenue, which is expected to shoot up by at least 75% in the next 12 months, Gupta said.
The company counts Honeywell, Pitney Bowes, Wipro, Walmart Labs and Intuit among its 350-odd clients.