Codeium, a popular AI coding assistant, has been making waves in the software development world with its efficient and user-friendly software. With their autocomplete tool, tasks that once took hours can now be completed in seconds, making the coding process much easier for developers like Rohan Choudhury. Codeium’s software has been used by over 600,000 developers for free and by 1,000 enterprises such as Zillow and Dell who pay by the user.
Featured on Forbes Next Billion Dollar Startups list, Codeium has raised $93 million at a $500 million valuation and made about $1 million in revenue in 2023. The company is now releasing a new coding engine called Cortex, which can process up to 100 million lines of code at once. This new engine will allow for better suggestions and faster updates across an entire codebase, making it a valuable tool for enterprise customers like Zillow, who need to make system-wide changes quickly and efficiently.
The market for AI coding assistants has seen significant investor interest in recent months, with startups like Cognition Labs and Magic raising large amounts of capital. However, Codeium CEO Varun Mohan sees Microsoft’s GitHub Copilot as the main competitor in the space. Codeium’s new coding engine could give them an edge by allowing for more data to be consumed at once, moving towards what Mohan calls “advanced reasoning” AI systems that can solve complex, multi-step problems with logic.
Founded in June 2021, Codeium was originally called Exafunction and focused on managing GPUs for companies before pivoting to offer AI models for coding. With the rise in popularity of generative AI models, Codeium saw an opportunity to differentiate themselves in the coding space. Now, with the release of Cortex and their focus on user interaction and feedback, Codeium aims to provide developers with the tools they need to review, navigate, and deploy code faster and more efficiently.
As the industry continues to evolve and new technologies emerge, Codeium remains committed to providing cutting-edge solutions for developers. With their innovative approach to AI coding assistants, Codeium is poised to continue making a significant impact in the world of software development.
