Codeium, a Mountain View, CA-based provider of a generative AI-powered coding toolkit, raised $65M in Series B funding.
The round was led by Kleiner Perkins with participation from repeat investor Greenoaks as well as General Catalyst.
The company intends to use the funds to grow its engineering and sales functions, as well as increase their investment in systems and solutions to support the large and varied needs of enterprise software development teams.
Led by Varun Mohan, CEO, Codeium provides a generative AI-powered coding toolkit 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. Through in-editor capabilities such as autocomplete, chat, and context awareness, Codeium writes over 44 percent of newly committed code for its 300k+ individual user base.
Additional features for enterprises include:
- Security: SOC2 Type 2-compliant SaaS or self-hosted (in Virtual Private Cloud or on-premise datacenter) deployments; customer code is never saved, stored, or used for training the public system.
- Personalization: Leverage and integrate with existing Source Code Management (SCM) systems for full repository context awareness on results and optional local model finetuning.
- Leading Compliance: No training on private or non-permissively licensed code.
- Real Time Analytics Dashboards: Live metrics and insights on Codeium usage to justify ROI and increase adoption.
Companies such as Anduril, Clearwater Analytics, and a number of Fortune 500 companies leverage Codeium today to increase their internal developer productivity through a suite of AI-powered in-editor capabilities.
The company is also working with established leaders such as Atlassian to enhance the developer experience.
Commenting on the funding, Varun Mohan said: “The fast rise of LLMs is now giving developers the opportunity to overcome these challenges and significantly increase their productivity. This is precisely why we developed Codeium: to let developers focus on creative, high-value tasks—not tedious maintenance work.”
FinSMEs
30/01/2024