Codeium, a startup specializing in AI-powered coding, is raising additional funding at a significant new valuation of $2.85 billion, up from $1.25 billion six months ago. The round is led by Kleiner Perkins and comes alongside impressive metrics like $30 million in annualized recurring revenue (ARR). Codeium distinguishes itself from competitors by targeting enterprises rather than individual developers, leveraging a more substantial market reach. Its innovations, like the Windsurfer Editor, contribute to its growth in an increasingly competitive landscape of AI coding tools.
Last month, Anysphere, the maker of AI-powered coding assistant Cursor, announced a new funding round of financing at a $2.5 billion valuation. Based on its reported $100 million in revenue, investors assigned it a 25 times ARR valuation multiple.
While it's not clear how Codeium negotiated such a rich valuation, sources told TechCrunch that the company wasn't looking to raise new funds before investors approached it about this round.
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