Codeium, an AI-powered coding startup, is raising new funds, including new capital, at a valuation of $2.85 billion, according to two sources of knowledge about the transaction.
The people said the round was led by return investor Kleiner Perkins.
New rounds appear six months after Silicon Valley announced its closure $150 million Series C A $1.25 billion currency valuation led by ordinary Catalyst, with participation from Kleiner Perkins and Greenoak. Techcrunch cannot confirm the US dollar amount of the new fund.
Codeium and Kleiner Perkins did not respond to requests for comment.
One person said the company has reached about $30 million in annual recurring revenue (ARR). Based on this revenue figure, Codeium’s implied valuation is about 95 times. This is much higher than other AI code editing companies.
Last month, Anysphere, the maker of AI-Power’s coding assistant Cursor, announced a new financing valuation of $2.5 billion. Based on its reported $100 million in revenue, investors allocate it to 25 times ARR valuation Various.
Except for all investors who are talking about the current leaders in the category, Codeium is with Poolside, Magic, Microsoft’s Github Copilot and Many others.
Sources told TechCrunch that while it is not clear how Coperuim negotiates such a rich valuation, the company does not want to raise new funds before investors can approach it on this round.
Codeium tries to differentiate itself from its competitors by targeting companies rather than individual developers. Last summer, the company told TechCrunch that the free tier of its platform is being used by more than 1,000 enterprise customers, including Anduril, Zillow and Dell.
In November, the company introduced Wind pulses Editsome code can be written without human participation, a method called proxy AI or “proxy pattern”. Others, such as cursor Provides similar features.
Codeium was founded in 2021 by Varun Mohan and his childhood friend and MIT graduate Douglas Chen. Before logging in, Chen was at Meta, where he helped build software tools for VR headsets like the Oculus Quest. Mohan is a technology leader in autonomous delivery startup Nuro, who manages the autonomous infrastructure team.
