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DeepNewz, mobile.
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Codeium, a startup specializing in AI code completion, has achieved unicorn status with a valuation of $1.25 billion following a successful Series C funding round. The company raised $150 million, contributing to a broader trend where 42% of newly minted unicorns in the first half of the year were AI companies. Codeium, which launched its first AI autocomplete assistant two years ago, has seen significant growth despite initially offering limited features. The funding landscape for AI in coding is particularly active, with Magic AI Labs also securing a substantial investment of $320 million to build large language models for coding. In total, $1.6 billion was raised in the AI sector recently.
Code copilots @codeiumdev and @magicailabs announced funding yesterday. Beyond Github CoPilot, @cursor_ai is a key comp here and we estimate they are at ~3.6M ARR among consumers from essentially 0 a year ago (we don't estimate corporate spend): https://t.co/GeQztJD1hk
The intersection of AI and coding is one of the hottest areas for venture funding of late. But even in a heated investment environment, this week was an exceptional one, with big rounds for two companies in the space, @magicailabs and @codeiumdev. https://t.co/E1SjRKP71z
Today's funding news in AI: $320M to build LLMs for coding $150M for an AI code assistant $22M to build quadrupedal robots $4.75M for a photo remixing app & 1 more AI startups. Read about what they're building: https://t.co/FgnjJI284K
