Sourcegraph Raises $125M Series D on $2.6B Valuation For Universal Code Search Tool
According to the firm, Sourcegraph, a late-stage startup that aims to bring the power of search to code, has announced a $125 million Series D investment at a $2.625 billion value, a threefold increase from its prior estimate in December 2020. Andreessen Horowitz led the round, with Insight Partners, Geodesic Capital, and other current investors participating. According to data from Crunchbase, the firm has amassed about $225 million.
Quinn Slack, the chief executive officer and co-founder of the firm, asserts that it is common knowledge that every organisation develops software and generates vast quantities of code. “They’re all adrift in a sea of code, and we’re here to help.” Our solution is universal code search, which enables developers to search, comprehend, and automate code, as defined by Slack. According to him, corporations use Sourcegraph to discover issues and vulnerabilities that they may not otherwise discover. Developers and site reliability engineers may be able to identify an issue, but locating the problematic section of code requires a specialised tool, he explains.Some large firms may develop their own tools for this purpose, but the vast majority lack the capacity to do so, making code search accessible to many more developers. “Universal code search, which we spent a great deal of time developing, is the first type of code search that recognises code as code and all of its relationships, the graph of code. “This implies that if you’re a developer, you can find the answer to “how do I do this?” or “how do I repair this?” or “if I alter this, what’s going to break?” in much less time, and this is why you need a code search engine designed specifically for this reason,” he added.
According to him, the firm was created in 2013, but it took nearly five years to develop such a sophisticated product. The firm’s initial investment was based on the promise of a tool like this.Now, investors are observing the growth they anticipated from the outset.
In the past year, 800,000 developers have utilised the platform, and Slack claims to have indexed over 54 billion lines of code. Plaid, Uber, GE, and Atlassian are among the firm’s paying clients. With all of this fresh cash, the firm anticipates increasing its workforce to 250 by the end of the year from its current level of 160. The firm made the fortuitous choice to go totally virtual in January of 2020, just a few months before U.S. offices closed, and he intends to remain remote even when offices reopen. Slack does not avoid the IPO topic, stating that it is something they consider. “We want to become a public corporation so that we can demonstrate that we will exist forever. “This money demonstrates that we are expanding, that we intend to remain in business, and that we will be vendor-independent, so you know that this is an integral component of our plan.”