Codacy raises $15 million in Series B funding led by Bright Pixel Capital
Codacy has raised over $28m to date and already counts a base of more than 870 customers, including Panasonic, Delivery Hero, Harvey Nichols and Delhivery
Funding will accelerate product development to continuously build Codacy’s DevOps Intelligence Platform providing engineering insights enabling teams to reach their full potential
Codacy, a platform that helps software development teams to ship high-quality code faster, has raised a $15m Series B funding round, marking another milestone in its journey to become the leading provider for DevOps Intelligence. Bright Pixel Capital, a leading technology investment group focused on digital infrastructure software, cybersecurity, and retail technology, led the round. Existing investors Armilar Venture Partners, Faber Ventures, Join Capital, Caixa Capital, EQT Ventures and Iberis Capital also participated in the round.
In a world where most companies want to digitalise and where there is an ever-growing shortage of developers to meet those demands, there is an increasing need for tools that improve the efficiency of engineering teams. This need is the key driving force behind the fast-growing global DevOps market, which is expected to reach $52 billion by 2030.
As companies increasingly have critical digital backbones, lack of code quality and technical debt can act as severe drags for companies in an increasingly competitive and globalised market. Capitalising on this market opportunity, Codacy is rapidly becoming the number one choice for software-led organisations who want to standardise software and guide teams to full engineering performance.
More than 300,000 developers and 870 customers worldwide already use Codacy’s platform. These customers include international corporations such as Panasonic, Delivery Hero, Harvey Nichols and Delhivery. The platform directly addresses the growing need of organisations to rapidly deliver high-quality software, ultimately increasing the efficiency and competitiveness of organisations.
Codacy’s product suite provides actionable data-driven insights, including vital information on code quality, security, compliance, engineering health and performance. It seamlessly integrates into the developers’ workflows, allowing customers to ship high-quality code in over 40 programming languages.
Codacy’s Quality product decreases time spent on quality monitoring by up to 60% through automated code reviews. Over the last twelve months, Codacy fixed more than 20,000,000 vulnerabilities (that is, over 60,000 vulnerabilities per day), significantly reducing the failure rate of new code releases and increasing the reliability of its customers’ code bases.
Codacy’s second and newest product, Pulse, enables teams to measure the engineering performance metrics that correlate with higher business impact and a strong, cohesive culture. Pulse was released out of beta earlier this year.
The Series B financing comes at a time of significant growth for the company. In the past year, the company strengthened its global footprint, growing the customer base in the US, resulting in an acceleration in year-on-year growth, on the back of strong unit of economics including net dollar retention. It was also recognised for its excellence in R&D by the Portuguese National Innovation Agency.
This recent raise will support Codacy’s continued focus on enabling engineering teams to reach their full potential by providing insights into the development process. The financing will continue to fuel Codacy’s product innovation and development and accelerate global growth, with a focus on expanding its existing presence in the US market.
Additionally, the remote-first company plans to hire additional senior talent for its engineering, support, and success teams, as well as its sales and marketing team across Europe, planning to double its headcount to over 100 employees by the end of 2022.
Codacy, serving over 870 customers worldwide, provides intelligence for software engineering teams to reach their full potential. First known for its quality automation product, the company has recently launched its second product, Pulse, which aims to help software development teams measure what matters and define a path towards engineering excellence. Codacy is now setting a course to provide a unique, holistic view into software engineering intelligence so that software development teams fulfil their extraordinary potential over time.