Codeium is now a unicorn: the startup just announced a $150M Series C at a $1.25B valuation
Codeium, an AI-powered coding assistant startup, has raised $150 million in Series C funding, achieving unicorn status, as it aims to differentiate itself in the competitive market with context-aware suggestions, robust security measures, and a focus on reliable code generation.
Codeium, a startup competing in the code-generation space against products including GitHub Copilot, Tabnine, and Replit Ghostwriter, recently achieved unicorn status after securing $150 million in a Series C funding round at a $1.25 billion valuation. The round was led by General Catalyst, with participation from Kleiner Perkins and Greenoaks. The Series C round brings Codeium's total raised funds to $243 million in three years.
Founded by Varun Mohan and Douglas Chen, Codeium has experienced an almost meteoric rise in popularity among developers, securing several Fortune 500 companies as clients in just a few years. In addition to building up its client roster, Codeium now boasts an 80-person team, has grown its free-tier user base to 700,000 individual customers, and has developed an enterprise-grade product that includes features not included in the free product, such as a code review assistant, self-hosted options and fine-tuning on private codebases. The enterprise product's ARR is expected to reach eight figures in less than a year.
Codeium attributes its success to features such as personalization, availability—a large part of its strategy hinges on its generous free tier—, and extensibility—Codeium's offerings support over 70 programming languages. It also supports integration into several popular development environments, including Microsoft Visual Studio and JetBrains. One of the product's key differentiators, which Codeium claims makes its product immune to the hallucinations and mistakes associated with coding assistants, is its deep context-aware understanding, which leads to trustable and secure suggestions.
Codeium plans to continue developing its products by boosting its investments in R&D and fundamental research to incorporate innovative features into its offerings. The startup also plans to leverage the raised funds to focus on growing its team to expand its market presence, and better serve its customers.
