Tabnine – the creators of the industry’s first AI-powered assistant for developers – recently announced it raised $25 million in a Series B round, bringing its total funding to $55 million. This funding round was led by Telstra Ventures and included participation from new investor Atlassian Ventures. Existing investors Elaia, Headline, Hetz Ventures, Khosla Ventures, Qualcomm Ventures, and TPY Capital also participated.
This funding round will be used to extend Tabnine’s mission to integrate generative AI into the end-to-end software development lifecycle (SDLC), following Tabnine’s successful application of AI to code creation and completion, which already serves more than one million monthly users. And Tabnine will also further build out its sales and global support teams to meet massive customer demand.
The adoption of generative AI for planning, developing, testing, and deploying software is growing astonishingly. And a survey found that 78% of companies expect to use AI for software development within the next three to five years. Contrary to fears of AI replacing jobs, many enterprises expect the technology will help them overcome the skilled developers and operators shortage.
As an early adopter of generative AI, Tabnine continues to execute its vision to provide a platform that serves developers at every step of the SDLC from code completion to deployment, with some users already using Tabnine to complete more than 50% of their code. And in June, the company unveiled Tabnine Chat, an AI code assistant that writes code and answers questions against organizations’ codebase.
With security at the forefront, Tabnine Chat unifies the latest large language models (LLMs) with codebase familiarity to accelerate development and improve developer work quality and reliability. More importantly, Tabnine is the only generative AI assistant operating at a scale that can be deployed securely and privately (either on-premises or via Virtual Private Cloud), respecting the integrity and privacy of each team’s codebase while ensuring that developers do not incorporate proprietary code from litigious vendors into their codebase.
KEY QUOTES:
“Organizations are racing to adopt generative AI and prove its value across most aspects of the business. However, the use of generative AI in the SDLC has already delivered real business results and now is the time to meet soaring enterprise demand. We’re grateful to partner with our new and existing investors to address customers’ development needs by offering a proven solution that also delivers on security, privacy, and consistency.”
– Dror Weiss, co-founder and CEO of Tabnine
“There’s been a spectacular acceleration in generative AI systems over the last few months and only a handful of researchers around the world are advancing the science behind these systems. Tabnine is one of those companies. While other systems are black boxes that can’t be trained on company data and demand access to your code, that’s not the case for Tabnine. AI that ships software better and faster without IP exposure is a game-changer, and we believe Tabnine is at the forefront of this revolution.”
– Steve Schmidt, General Partner at Telstra Ventures
“Developers have been our customers for over twenty years and we are passionate about giving them the tools to accomplish their best work. Tabnine’s AI-powered coding assistant provides the support they need to accelerate their work and push through blockers faster to deliver more results. We’re excited to support and partner with Tabnine as they bring these exciting new capabilities to millions more development teams.”
– Peter Lenke, Head of Atlassian Ventures
