California-based AI startup Codeium announced today that it has raised $65 million in a series B funding round, with a valuation of $500 million. Leading the investment is venture capital firm Kleiner Perkins, with participation from Greenoaks and General Catalyst. The funds will allow Codeium to expand its team and enhance its generative AI-powered coding toolkit, which already writes over 44% of newly committed code for more than 300,000 developers.
The demand for specialized language models in software development projects has been increasing among enterprises and startups. GitHub and Amazon are among the prominent players in this space, which is projected to reach a value of $106 million by 2030, growing at a CAGR of over 25%.
