AI startup Poolside raises $500 million amid growth in AI market for coding
By ForGeeks AI startup Poolside has raised an impressive $500 million in funding, though the company’s product has yet to launch. Despite the lack of releases, the company has already become an investor favorite, and the new funding round Series B has raised the total investment in Poolside to $626 million. The company’s valuation now stands at $3 billion.
Series B.
The secret to Poolside’s success is AI for programming
A major magnet for investors is Poolside’s AI-developed programming tool. The company has created a proprietary language model that promises to speed up software development.
Besides innovative technology, Poolside also has charismatic and experienced co-founders. CEO Jason Warner previously helped create GitHub Copilot, and CTO Eiso Kant is a serial founder of AI startups. Together they are building three key products: Fundamental Models, API and Coding Assistant.
.
Warner and Kant say current developments are being «stress-tested» in the most demanding office environments. «The corporate environment is a testing ground», they wrote on their blog. «But our goal is to eventually make Poolside available to anyone who wants to build software».
Poolside’s goal is to make it available to anyone who wants to build software.
The market for AI assistants for coding is growing
.
Poolside isn’t the only company looking to gain a foothold in this market. The AI assistant coding market is becoming increasingly competitive, with Copilot Copilot s leading position and a number of challengers looking to catch up.
These new competitors are actively raising capital. In August alone, the following investments were recorded: $320 million in startup Magic, $150 million in Codeium, and $60 million in Anysphere. Other recent large investments include Replit, Augment, Supermaven, and Cognition.
Cognition.
The Series B Poolside round adds another impressive amount to this burgeoning sector.
Who invested in Poolside?”
The round was led by Bain Capital Ventures, as reported by Bloomberg. Additional funds came from HSBC Ventures, DST Global, StepStone Group, and Citi Ventures.
The round was led by Bain Capital Ventures, as reported by Citi Ventures.
More about Poolside at Valencia VDS
Learn more about Poolside at VDS, one of Europe’s leading technology events. Poolside’s Vice President of Operations, Margarita Garcia, will be speaking at the event, which will be held in Valencia October 23 and 24. The event is partnered with TNW.
