Augment Inc. came out of stealth announcing its $227M Series B
Augment raised a $227M Series B round. Its platform empowers developers with AI that understands codebases, supports teams, and protects IP. Augment was built with the belief that the best software development happens when AI empowers, rather than replaces, humans.
The AI coding assistance startup, Augment Inc., recently came out of stealth after announcing its $227 million Series B at a $977 million post-money valuation. The funding round includes investments from Sutter Hill Ventures, Index Ventures, Innovation Endeavors, Lightspeed Venture Partners, and Meritech Capital. The $227 Series B follows a $25 million Series A led by Sutter Hill Ventures, bringing Augment's total funding to $252 million. The raised funds will fuel product development and enable Augment to strengthen its product, engineering, and go-to-market processes, as the company prepares for growth.
Founded by Igor Ostrovsky (formerly Chief Architect at Pure Storage and Microsoft engineer) and AI researcher Guy Gur-Ari (previously at Google), Augment is led by industry veterans Scott Dietzen (past leadership roles at Pure Storage, Yahoo, WebLogic/BEA Systems) and Dion Almaer (alumnus of Google, Shopify, Mozilla, Palm). The company also boasts an engineering team with deep expertise from companies like Google, Meta, NVIDIA, Microsoft, Databricks, Snowflake, VMware, and Pure Storage. The company has come together to address some of the most persistent issues in AI-assisted software development. According to Augment, current AI coding assistants fail to adequately understand programmer intent, improve software quality, facilitate team productivity, and protect intellectual property.
Augment's investors back the importance of addressing these issues promptly. As Eric Schmidt, Founding Partner at Innovation Endeavors and former Google CEO, stated, "Software remains far too expensive and painful to develop. AI is poised to transform coding, and Augment has the best team and approach for empowering programmers to deliver more and better software." Augment aims to enable "collaboration between human and artificial intelligence" in software engineering, empowering teams worldwide to build better software through an AI platform that understands codebases, operates at the speed of thought, supports teams, and safeguards intellectual property. Its approach to AI-assisted coding is starting to pay off; Keeta, an Augment customer, claims to have experienced an overall >40% increase in developer productivity thanks to Augment's contextual awareness of customers' code bases.
