HackerEarth raises US$4.5 million in a bid to go global

HackerEarth Technologies Pvt. Ltd, a start-up that provides innovation management and talent management software to large service organizations, recently announced their Series A equity funding of US$4.5 million on Tuesday. Innovation management is the process of partnering on ideas and converting them into proof of concepts. Its talent management software essentially includes online skill evaluation for programmers and developers.

The investment round was led by DHI Group, owner of US-based career site Dice, followed by startup platform BEENOS, Singapore-based early-stage venture fund BEENEXT, online marketing firm Digital Garage, and BizReach. HackerEarth’s current investor Prime Venture Partners also participated in this round.

The fresh round of cash infusion will help the company to grow in the space of innovation management, strengthen its product team, and expand its business internationally. It already sells its SaaS product internationally through Dice which is a reseller for HackerEarth’s SaaS product line in the US.

HackerEarth currently has two products: Recruit, which helps companies evaluate candidates through online skill assessment; and Sprint, which help companies manage hackathons. Sprint, originally meant for managing hackathons has slowly evolved to an innovation management tool for businesses. The company is planning to slowly phase out its Recruit business and focus their energies on the innovation management business.