In less than a year after raising $25m in Series B funding, the technical assessment company CodeSignal has raised $50m in Series C funding. CodeSignal The company will use this funding to offer new features for its platform that helps companies make hiring decisions.
CodeSignal, which is currently valued at $500m, started because one of the co-founders, Aram Shatakhtsyan, was finding it difficult to find a job after graduatingbecause of his background. Aram had graduated from a university in
Armenia, while co-founder and CEO Tigran Sloyan had graduated from MIT. Sloyan remembers how he and his classmates were getting recruited while Aram, who he described as “the best engineer”, was being ignored.
CodeSignal is a “flight simulator for developers” as Sloyan puts it. It evaluates a developer’s skill based on a simulation and returns a score, and highlightings the individual’s strengths. The need by companies to hire engineers has led to CodeSignal growing 3.5 times in revenue year over year and to gather a customer list that includes Brex, Databricks, Facebook, Instacart, Robinhood, Upwork and Zoom. They have helped companies like Facebook, Brex, Databricks, Robinhood, etc. to hire more engineers, which have led to CodeSignal growing 3.5 times in revenue year over year.