Codeium Raises $65 million To Bring Generative AI to Software Coding

Series B financing led by Kleiner Perkins underscores urgent need for a secure, personalizable AI-powered software developer productivity platform

MOUNTAIN VIEW, Calif., Jan. 30, 2024 /PRNewswire/ -- Today, Codeium announced it has raised a $65 million Series B round to help software developers supercharge their workflows with generative AI-powered capabilities. The financing was led by Kleiner Perkins with participation from repeat investor Greenoaks as well as General Catalyst.

Codeium is a generative AI-powered coding toolkit that leverages proprietary code-biased Large Language Models (LLMs) to reduce inefficiencies in software development and maximize developer productivity. Designed for optimal flexibility, Codeium 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.

"Software engineering is the backbone of innovation yet the process is expensive and inefficient due to imperfect knowledge retrieval, boilerplate tasks, maintenance overhead, and more," said Varun Mohan, CEO, Codeium. "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."

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:

• Robust 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.

In the coming months, Codeium will significantly expand its platform to address tasks in every stage of the software development life cycle, beyond writing and running code. These include addressing system design, easing the burden of code maintenance (especially legacy code migrations), continuous scanning and fixing of complex issues such as security vulnerabilities. As a fully-vertical solution that integrates with all other tools agnostically, Codeium is well-positioned technologically to accelerate these tasks for all developers at all companies.

Codeium plans to use the additional capital 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.

"Codeium has all the elements of a winning AI company: the visionary leadership, the breakthrough technology, and a growing customer roster of enterprise companies," Leigh Marie Braswell, Partner, Kleiner Perkins. "Their AI technology is not just accelerating developer productivity; it's reshaping the way software is written. We're thrilled to be on this journey with Varun and his team as they continue to pave the way for the future of software development."

"Code generation is among the hardest problems in AI software, with frequent usage and strict latency requirements that demand highly-performant infrastructure," said Neil Mehta, Managing Partner at Greenoaks. "Codeium's world-class team has built a differentiated product that's already winning head to head against Microsoft and others. Over time, we believe that code autocomplete and chat are just the beginning of what Codeium can do, and we are thrilled to once again partner with Varun and his team on this journey."

Leading 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. Codeium is also working with established leaders such as Atlassian to enhance the developer experience.

ABOUT CODEIUM

Codeium is a leading AI-powered software developer productivity platform. For more information, please visit https://codeium.com/

SOURCE Codeium