Recently, Codeium, a startup in the field of AI programming, has once again become the focus of the capital market, and is conducting a new round of financing with a valuation of up to US$2.85 billion. According to people familiar with the matter, this round of financing was led by Kleiner Perkins, a well-known investment institution. It was only six months after the last financing, showing the market's high recognition and continued attention to Codeium.
It is worth noting that Codeium has just completed a $150 million Series C financing in the past six months, with a post-financing valuation of $1.25 billion. Although the specific amount of the new round of financing has not been announced, industry insiders speculate that Codeium's annualized recurring revenue (ARR) has reached about US$40 million. This valuation level is about 70 times its ARR, far higher than other AI code editing companies, such as Anysphere, which is only 25 times, further highlighting Codeium's leading position in the industry.
Compared with competitors such as Cursor, an AI coding assistant of Anysphere, Codeium successfully found its position in the market by focusing on corporate customers rather than individual developers. Back in the summer of last year, Codeium announced that its free version had attracted more than 1,000 corporate customers, including well-known companies such as Andurill, Zillow and Dell. In addition, Codeium launched Windsurf Editor in November, which has the ability to generate automatic code. This technology, known as "proxy AI" or "proxy mode", further enhances the competitiveness of its products.
Codeium's founding team consists of Varun Mohan and his childhood friend, MIT alumnus Douglas Chen. Chen previously worked at Meta and participated in the development of software tools for virtual reality headsets such as Oculus Quest, while Mohan is the technical director of autonomous driving startup Nuro, responsible for managing the autonomous infrastructure team. With rich technical background and industry experience, the two jointly founded Codeium, committed to providing developers with smarter and more efficient programming tools to promote the application and development of AI technology in the programming field.