(Bloomberg) -- CodeRabbit Inc., an artificial intelligence-powered code review service, has raised $143 million in a new funding round, tapping into demand for tools to spot flaws in AI-generated software programming.
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The new financing, set to be announced on Wednesday, values CodeRabbit at $1.5 billion. Atomico and Smash Capital co-led the round, with participation from BMW i Ventures and Datadog Inc. The startup has raised more than $200 million to date, with existing backers such as Nvidia Corp.
Founded in 2023, CodeRabbit offers a tool that's designed to automatically review code as it's written. The need to catch issues in programming has only grown as AI makes it easier for professionals and amateurs to quickly spit out code.
"There is massive pull in the market right now for a product like this," said Harjot Gill, chief executive officer of CodeRabbit. "It's almost like a land grab moment for us."
Approximately 17,000 customers use the software, and the firm conducts more than 2 million code reviews each week, the company said.
The firm is introducing several new capabilities, including features that are meant to identify security vulnerabilities in code and send proposed fixes.
CodeRabbit plans to use some of the funding to double the number of employees in Europe and expand into Asia, with a focus on Japan and Singapore.
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