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Codeium nabs $65M for developer AI toolkit

Jan 30, 2024 - venturebeat.com
California-based AI startup Codeium has raised $65 million in a series B funding round, led by Kleiner Perkins and with participation from Greenoaks and General Catalyst. The company, which uses large language models (LLMs) to assist with software development, plans to use the funds to expand its team and its AI-powered coding toolkit. Codeium's toolkit, which supports over 70 languages and works in over 40 Integrated Developer Environments (IDEs), is currently responsible for writing over 44% of newly committed code for more than 300,000 developers.

Codeium aims to cover the entire software development lifecycle, going beyond just writing and running code. The company plans to address tasks in every stage of the software development process, including system design, code maintenance, and fixing complex issues such as security vulnerabilities. The company's AI toolkit has been used by hundreds of companies, including Atlassian, Anduril, Clearwater Analytics, and several Fortune 500 giants.

Key takeaways:

  • AI startup Codeium has raised $65 million in a series B funding round led by Kleiner Perkins, with participation from Greenoaks and General Catalyst, at a valuation of $500 million.
  • Codeium uses large language models to aid software development, with its AI-powered coding toolkit currently writing over 44% of newly committed code for over 300,000 developers.
  • The company plans to use the funding to expand its team and its platform, with the aim of supporting tasks in every stage of the software development lifecycle.
  • Codeium's toolkit can be self-hosted or deployed as SOC2 Type 2-compliant SaaS, and integrates with existing Source Code Management systems for full repository context awareness.
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