Codeium is led by Kleiner Perkins, and its valuation soars to $2.85 billion

Recently, AI programming startup Codeium is conducting a new round of financing, with a valuation of nearly US$2.85 billion. According to people familiar with the matter, the round of financing was led by investment institution Kleiner Perkins. After six months, Codeium once again attracted the attention of investors.

It is worth noting that in the past six months, Codeium has completed a US$150 million Series C financing round, with a post-financing valuation of US$1.25 billion. Although the amount of the specific new round of financing has not been confirmed, industry insiders expect Codeium's annualized recurring revenue (ARR) has reached about US$40 million. Such a high valuation is about 70 times its ARR, compared with other AI code editing companies such as Anysphere that are valued at just 25 times.

Compared to competitors such as Anysphere's AI coding assistant Cursor, Codeium distinguishes itself by targeting enterprise customers rather than individual developers. As early as last summer, the company said that the free version of its platform has been used by 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 certain automatic code generation capabilities, which are called "proxy AI" or "proxy mode".

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 headers such as Oculus Quest, while Mohan is the technical leader of autonomous driving startup Nuro, responsible for managing the autonomous infrastructure team. The two teamed up to create Codeium to provide developers with smarter