Code-generating AI platform Tabnine nabs $25M investment
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Developers increasingly favor AI integration into their coding processes, with a majority already using or planning to use AI coding tools due to their potential to enhance productivity and accelerate learning. AI-driven coding tools are also attracting significant investment, demonstrated by Tabnine's recent $25 million Series B funding round, led by Telstra Ventures with follow-on investment by Hetz Ventures and other previous investors.
Co-founded by Dror Weiss and Professor Eran Yahav, Tabnine provides a suite of AI-powered software development tools, including a code assistant that offers coding help and answers about codebases. Tabnine distinguishes itself from competitors like GitHub Copilot and Amazon CodeWhisperer by offering more personalization and control, including on-premises or cloud-based deployment options, and promises lower legal risks by using models trained on code with permissive licenses or customer's in-house codebases.
Despite the legal challenges faced by similar platforms, Tabnine's cautious approach to intellectual property and its flexible architecture that adapts to evolving AI models positions it uniquely in the market. This strategy seems successful, with Tabnine boasting over a million users and thousands of customers. The company, which managed to thrive even after the fall of competitor Kite, plans to use the new funding to expand its AI coding features and grow its sales and support teams, aiming to more than double its workforce by the end of the year.
