Sourcegraph, a late-stage startup aiming to use the power of searching to the code, announced the $125 million Series D investment today, based on a $2.625 billion valuation. This is an increase of 3x from the previous valuation of December 2020, as per Sourcegraph.
This round was led by Andreessen Hurwitz and included participation by Insight Partners, Geodesic Capital, and other existing investors. The company has received nearly $225 million in funding, per Crunchbase information.
Co-founder and CEO of the company Quinn Slack say that we know that every business is developing software and, as they go about it, they’re producing a lot of code. “They’re immersed in code, and we’re here to help to solve this. Our solution can be described as a universal search for code which assists developers in searching for, comprehending, and automating code,” Slack explained.
He says businesses use Sourcegraph to identify issues and weaknesses they wouldn’t have noticed. Engineers, developers, and site reliability experts may be able to place an issue; however, getting to the particular area of the code where the problem occurs requires a special tool, he claims. Certain large corporations may create their devices to solve this problem; however, most businesses do not have the resources, which puts the code search in the hands of developers.
“Universal code search” that we designed and have spent much time developing -is the first kind of code search that recognizes code as code and all the connections in the chart of the code. This means that if you’re an engineer, you’ll be able to determine how you can I accomplish this or what you can do to repair or alter this, which will break in smaller time. That’s why you require a custom-built Code Search tool,” He said.
The company was established in 2013. However, it took five years to create an application of this quality. The company was able to raise funds initially upon the possibility of using a tool such as this. Investors are now experiencing the growth they anticipated in the beginning.
Over the last twelve months, eight hundred thousand developers have used Slack, and Slack claims that they have indexed more than 54 billion lines of code. Customers who pay comprise Plaid, Uber, GE, and Atlassian. The company employs around 160 employees and is expected to grow to 250 at the end of the year, thanks to the new capital.
The company took the wise choice to be completely remote in January 2020. This was just two months before offices were shut down in America. The U.S. and his strategy are to operate as a remote company even after offices reopen fully.
Slack does not shy away from the IPO issue, saying they’re considering it. “We would like to become an open company at some point to prove that we’ll remain around for the long haul. This investment proves that we’re growing and will be around for a long time. We will be vendor-independent, which is an essential element of our business plan.”