Augment, a code generation startup founded in 2022, has recently secured a $227 million Series B funding round to further advance its AI-powered code generation tools. The company aims to streamline developers' workflows and enhance coding experiences through its innovative solutions.
Augment specializes in developing AI coding assistance tools tailored for developers, aiming to alleviate the mundane aspects of coding and restore the joy of programming. Since its inception, the startup has garnered significant attention, raising a total of $252 million in funding and achieving a valuation of $977 million.
Augment's impressive funding round was backed by prominent investors including Index Ventures, Lightspeed Venture Partners, and Innovation Endeavors, co-founded by Eric Schmidt. The substantial investment will fuel the company's product development efforts and bolster its engineering and go-to-market strategies.
Augment's solutions prioritize security and privacy, allowing companies to seamlessly integrate their codebases while ensuring the protection of user intellectual property. This approach underscores Augment's commitment to delivering secure and trustworthy AI tools for developers.
The startup was founded by Igor Ostrovsky, a former Microsoft software engineer, and Guy Gur-Ari, an ex-Google AI researcher. Leading the company as CEO is Scott Dietzen, former CEO of Pure Storage, who emphasizes the transformative potential of AI in revolutionizing software development.
Augment's vision is to harness the power of AI to significantly enhance productivity and software quality in the coding process. By leveraging large language models and generative AI, the company seeks to bridge existing gaps in current AI for code platforms, ultimately empowering programmers and organizations to deliver superior software solutions.
Former Google CEO Eric Schmidt highlights Augment's potential to revolutionize software development by empowering developers and reducing costs. Augment's entry into the market comes at a time when code generation companies face challenges, with competitors like Kite encountering monetization issues and Microsoft's GitHub Copilot grappling with profitability concerns.
Augment's substantial funding round underscores growing interest and investment in AI-powered code generation tools. With a strong team, innovative solutions, and endorsements from industry leaders, Augment is poised to make significant strides in transforming the software development landscape and empowering developers worldwide.
