Total amount raised
$252 Million
Latest funding date
11/1/2024
Location
Augment Code has successfully raised funds through four distinct funding rounds, with the latest being a Series B round. The platform offers AI-powered tools for software development, including IDE agents, code review tools, and command-line interfaces.
Keep reading to explore the intricacies of Augment Code's fundraising journey and the investors backing this innovative platform.
What Is Augment Code?
Augment Code, based in Palo Alto, California, is a private company specializing in AI-driven software development tools. The company operates in the fields of Artificial Intelligence, Generative AI, Software, and Web Development.
With an employee count ranging from 51 to 100, Augment Code offers a suite of products that include AI agents for IDEs, CLI, and code review systems. Their Context Engine maintains a live understanding of the entire codebase, enhancing code quality and integration with existing workflows.
How Much Funding Has Augment Code Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: September 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial development and growth of the company.
- Series A
- Amount Raised: USD 25,000,000
- Date: January 2024
- Lead Investors: Sutter Hill Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the team and product development.
- Series B (April 2024)
- Amount Raised: USD 227,000,000
- Date: April 2024
- Lead Investors: Sutter Hill Ventures, Index Ventures, Innovation Endeavors, Lightspeed Venture Partners, Meritech Capital
- Valuation at Round: USD 977,000,000
- Motivation Behind the Round: To accelerate product development and build out the company's product, engineering, and go-to-market functions.
- Series B (November 2024)
- Amount Raised: Not publicly disclosed
- Date: November 2024
- Lead Investors: Evolution Equity Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance AI capabilities and expand market reach.
Total Amount Raised: USD 252,000,000. Current Valuation: USD 977,000,000.
Key Investors
- Evolution Equity Partners
- Details: Evolution Equity Partners is a venture capital firm that invests in growth-stage technology companies. They focus on companies that have the potential to become market leaders in their respective fields.
- Investment Focus Areas: Cybersecurity, Enterprise Software, Fintech
- Notable Investments: Not publicly disclosed
- Sutter Hill Ventures
- Details: Sutter Hill Ventures is a venture capital firm known for its strategic support to technology startups. They have a history of backing companies that redefine their respective domains.
- Investment Focus Areas: AI, Enterprise Software, Technology Startups
- Notable Investments: Snowflake, Pure Storage, Sumo Logic
- Index Ventures
- Details: Index Ventures is a global venture capital firm that partners with entrepreneurs to build market-defining companies. They have a strong presence in both the U.S. and Europe.
- Investment Focus Areas: Technology, Life Sciences, Consumer Products
- Notable Investments: Dropbox, Slack, Robinhood
- Innovation Endeavors
- Details: Innovation Endeavors is a venture capital firm that invests in visionary founders, transformational technology, and emergent ecosystems. They aim to support companies that drive significant change.
- Investment Focus Areas: AI, Robotics, Digital Health
- Notable Investments: SoFi, Uber, Plenty
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the enterprise and consumer sectors.
- Investment Focus Areas: Enterprise, Consumer, Health
- Notable Investments: Snap, Nest, AppDynamics
What's Next for Augment Code?
Augment Code stands at the cusp of a transformative era in software development. With a substantial $227 million Series B funding, the company is poised to enhance its AI-driven coding tools, addressing inefficiencies and improving code quality. The software engineering industry, which spends over $1 trillion annually, presents a massive market opportunity for Augment Code's innovative solutions.
Future fundraising opportunities appear promising as the company continues to grow and innovate. The increasing integration of AI in software development and predictions that half of all enterprise software engineers will use AI-driven tools by 2027 further bolster Augment Code's potential for attracting additional investments. However, the company must navigate challenges such as competition from other AI-driven coding tools and ensuring their AI platform accurately interprets developer needs.
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