Located in Palo Alto, California – Augment Inc., a trailblazing AI coding assistance startup, emerged from stealth mode with a significant announcement: the closure of a monumental $227 million Series B funding round. The funding round, which values the company at an impressive $977 million post-money, saw investments from renowned venture capital firms including Sutter Hill Ventures, Index Ventures, Innovation Endeavors, Lightspeed Venture Partners, and Meritech Capital.
Founded by Igor Ostrovsky, former chief architect at Pure Storage and software engineer at Microsoft, along with AI researcher Guy Gur-Ari, previously from Google, Augment Inc. boasts a seasoned leadership team. Scott Dietzen, with leadership experience at Pure Storage, Yahoo!, and WebLogic/BEA Systems, leads the helm alongside Dion Almaer, an industry veteran with stints at Google, Shopify, Mozilla, and Palm.
The company’s engineering team comprises top talent with deep expertise in AI and systems, drawn from prestigious tech giants such as Google, Meta, NVIDIA, Microsoft, Databricks, Snowflake, VMware, and Pure Storage.
Augment Inc. aims to tackle the challenges faced by software engineering teams globally. Despite over $1 trillion being spent on software engineering annually, dissatisfaction persists due to issues like fragile software, complexity, and high maintenance costs. The company believes AI holds the key to transforming coding, with projections indicating that 50% of enterprise software engineers will use ML-powered coding tools by 2027.
However, current AI coding assistants fall short in understanding programmer intent, improving software quality, and facilitating team productivity. Augment Inc. aims to bridge this gap by empowering programmers and organizations to deliver higher-quality software efficiently.
Eric Schmidt, Founding Partner at Innovation Endeavors, emphasized the transformative potential of AI in coding, affirming Augment Inc.’s position as a leader in empowering software developers.
Augment’s AI platform promises to increase developer productivity by over 40%, as testified by CEO of Keeta, Ty Schenk. Guy Gur-Ari highlighted the team’s dedication to delivering on the promise of AI for code, aiming to make software developers ten times more productive.
Dion Almaer stressed the importance of augmenting developers rather than replacing them, envisioning a future where AI technology supports teams and safeguards intellectual property.
Scott Dietzen expressed excitement about the pivotal moment in software development, emphasizing Augment Inc.’s commitment to revolutionizing the industry with the backing of leading investors.
Augment Inc.’s AI platform aims to seamlessly empower every developer, marking a significant advancement in AI-powered software development.
