Insider Brief:
- codeium raised $150 million in a Series C round at a $1.25 billion valuation led by General Catalyst along with additional investors Kleiner Perkins and Green Oaks.
- Future plans for funding include strengthening customer partnerships, scaling the organization, advancing R&D, and growing to become the go-to assistant for all software developers, regardless of tech stack or experience.
- codeium emphasizes that funding rounds are not core milestones but rather enablers to dream bigger and invest in future innovations for users and customers.
PRESS RELEASE — We are both proud and excited to announce our Series C, $150 million raised at a $1.25 billion valuation, led by existing investor General Catalyst and with participation from existing investors Kleiner Perkins and Greenoaks.
We are proud because it represents what we have accomplished so far:
- Built what we believe to be the most densely talented team of 80 individuals, on both the engineering and go-to-market sides of the business.
- Grown a free individual user base from nothing to over 700,000 active users in under 2 years, and a paid enterprise product from nothing to eight figures in ARR in less than a year. And the slope is incredible – we have increased our ARR by over 500% since the start of the calendar year.
- Built a truly differentiated product via personalization, availability, extensibility, reasoning, and enterprise readiness. A product that has 5 star ratings across extension marketplaces and is trusted by many Fortune 500 companies to be the best tool for thousands, and even tens of thousands, of their internal developers.
- Researched, developed, and launched technological breakthroughs, such as Cortex, while breaking ground on novel products, such as Forge. And doing this with breakneck velocity, having been the first to GA a number of features seen as standard today, such as in-IDE chat, in-editor command, and context awareness.
We are excited because it represents what we plan to accomplish in the future:
- Invest in continuing to be even better partners to our customers.
- Continue to build and scale a world-class organization.
- Continue to invest in R&D across product and fundamental research so that we continue to deliver the edge of possibility of this technology.
- Invest in growth to become the de-facto assistant for all software developers and organizations, independent of tech stack, experience, or project.
We do not believe in the concept of funding rounds as being core milestones for our company. We reserve those for moments pertaining to the value we drive for our customers. That being said, our mission is all about dreaming bigger. This continued vote of confidence from our existing investors will allow us to invest bigger into our dreams. Our dreams for what our users and customers will be able to build tomorrow.
SOURCE: https://codeium.com/blog/series-c-annoucement
