CodeAn AI-powered coding boot, increases a new financing round at a valuation of $ 2.85 billion, including fresh capital, according to two sources with knowledge of the agreement.

The round is led by the returning investor smaller Perkins, people said.

The new round comes just six months after the Silicon Valley-based Codeeium announced that it had closed a series of $ 150 million C at a valuation of $ 1.25 billion after money led by the general catalyst with the participation of smaller Perkins and Greenoaks. TechCrunch was unable to confirm the dollar amount of the new financing.

Codeium and smaller Perkins did not respond to a request for comment.

The company reached about $ 40 million at annual recurring revenue (ARR), one person said. Based on the revenue rate, the implicit valuation of Codeium is about 70 times ARR. It is much higher than other AI code -editing companies.

Last month, Anysphere, the producer of AI-powered coding assistant pointer, announced a new financing round at a $ 2.5 billion valuation. Based on the reported revenue of $ 100 million, investors have dedicated it a 25 times Arr valuation superior.

In addition to Anysphere, who, according to many investors, are the current leader in the category, Codeium competes with Polishide, Magic, Microsoft’s Github Copilot and many others.

Although it is not clear how Codeuim negotiated such a rich valuation, sources told TechCrunch that the company was not looking to raise new funds until investors approached it over this round.

Codeium tries to distinguish itself from competitors by targeting companies rather than individual developers. Last summer, the company told TechCrunch that the free level of its platform is used by more than 1,000 business clients, including Anduril, Zillow and Dell.

In November the company introduced Windsurf Editorwhich can write some of the code without human involvement, an approach known as Agentic AI, or ‘Agent Mode’. Others, like wiser, too Offers a similar function.

Codeiium was founded in 2021 by Varun Mohan and his child friend and fellow Mit degree, Douglas Chen. Before Codeiium, Chen was at Meta, where he helped build software instruments for VR -Headset like the Oculus Quest. Mohan was a technical lead at Nuro, the autonomous delivery start, responsible for the management of the autonomy infrastructure team.