Saturday, July 13, 2024

AI Startup Poolside Lands Massive $400M Funding to Build the Ultimate Coding Sidekick of the Future

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Poolside, a startup building an AI-powered coding assistant, is in the process of raising over $400 million at a valuation of $2 billion, according to sources familiar with the matter. The round is being led by Sequoia Capital and includes participation from Andreessen Horowitz, Khosla Ventures, and several other top-tier investors.

Founded in 2022 by a team of former Google and OpenAI engineers, Poolside’s mission is to make software development faster, easier and more accessible. Their flagship product is a coding co-pilot that uses advanced language models and program synthesis to generate code snippets, autocomplete functions, and even entire modules based on natural language descriptions.

“We’re building the next generation of developer tools,” said Poolside CEO and co-founder Emily Chen. “Our AI can understand the intent behind a developer’s code and suggest intelligent completions, refactorings and optimizations. It’s like having a genius pair programmer always by your side.”

Poolside’s co-pilot integrates with popular IDEs and supports multiple programming languages including Python, JavaScript, Java and C++. The company claims their tool can boost developer productivity by up to 50% and reduce bugs and errors in code.

The startup has already signed up over 100,000 developers for their private beta and has a waitlist of several hundred thousand more. With this massive new funding round, Poolside plans to scale up its engineering team, expand language and framework support, and launch a full commercial product later this year.

Sequoia partner Pat Rogers, who is joining Poolside’s board, believes the company is poised to revolutionize software development. “The potential for AI to supercharge human programmers is enormous,” said Rogers. “Poolside has assembled an incredible team and built a truly game-changing product. We’re thrilled to partner with them on this journey.”

Poolside’s $2 billion valuation makes it one of the highest-valued early-stage startups in Silicon Valley. It’s a testament to the growing excitement around the use of artificial intelligence to augment and accelerate knowledge work. With powerful backers and a compelling product, Poolside is well-positioned to lead the coming wave of AI-assisted software development.

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