Codeium, a Mountain View, CA-based provider of an AI-powered code acceleration platform, raised $150M in Series C funding, at $1.25 Billion valuation.
The round was led by General Catalyst, with participation from existing investors Kleiner Perkins and Greenoaks.
The company intends to use the funds to accelerate the development of new features and products, and contribute to headcount growth.
Led by CEO Varun Mohan, Codeium provides a generative AI-powered coding platform that leverages proprietary code-biased large language models (LLMs) to reduce inefficiencies in software development and optimize developer productivity. Designed for optimal flexibility, it supports over 70 languages and integrates with over 40 Integrated Developer Environments (IDEs), such as Visual Studio Code, the JetBrains suite, Eclipse, and Jupyter Notebooks.
Over the past two years, the company has assembled a team of 80 professionals and grown its user base to more than 700,000 active developers. The enterprise product reached eight figures in annual recurring revenue, with ARR growing by over 500% since early 2024. Codeium now processes more than 100 billion tokens daily, and has been integrated into production workflows at companies like Zillow, Dell, and Anduril.
FinSMEs
29/08/2024