In a major funding round, Poolside – an AI tech firm creating tools to aid software developers – has raised $500 million. The Series B funding round was led by investing powerhouse Bain Capital Ventures, and also included participation from major tech players like eBay and Nvidia.
With this new capital injection, Poolside has now raised a total of over $626 million. According to reports, the infusion values the startup at around $3 billion.
Founded last year, Poolside develops artificial intelligence models aimed at assisting developers with coding tasks. Some examples include autocompleting code sections and recommending code snippets that could be relevant for a given project. While still relatively new, the startup has seen strong interest from many large corporations and government entities.
Poolside’s founders include CEO Jason Warner, the former CTO of Github, and Eiso Kant, a serial tech entrepreneur. Their vision is to build an AI-powered toolkit that can powerfully aid the software development process.
This massive Series B round will allow important developments at Poolside. The funds will deploy thousands of GPUs to expand their AI model training. Resources will also fuel further R&D and commercialization efforts.
The developer tools space is rapidly growing, as AI promises to automate and augment human coding abilities. Vendors like Magic and Codeium have also raised huge rounds recently. GitHub’s own AI coding assist, Copilot, has over 1.8 million paid users.
Going forward, analyst firm Polaris forecasts the entire AI coding aids market potential to reach $27 billion by 2032. Poolside is well-positioned as a leader in this emerging sector, supported by top investors and technology partners. Their novel solutions aim to revolutionize how software is built.
