Code Climate Announces $8.5M Series B to Expand their Engineering Intelligence Platform for Software Departments
NEW YORK, May 11, 2020 /PRNewswire/ -- Code Climate has raised $8.5M in Series B funding to expand their Engineering Intelligence platform to deliver a single source of truth for data-driven engineering departments. The round was led by Foundry Group with existing investors Union Square Ventures, NextView Ventures, Lerer Hippeau Ventures, and Trinity Ventures participating.
"The long-term success of most businesses depends on engineering excellence--but historically, software development has been a black box," says CEO Bryan Helmkamp. "In a world that is becoming increasingly software-dependent, we need objective, actionable insights to measure and improve how the engineering department works."
Two years ago, Code Climate launched Velocity, an Engineering Intelligence solution that delivers deep insights for every level of the organizaion. Managers are empowered to diagnose and action process improvements with their teams, while executives get high-level insights into how the department is progressing. Customers like Gusto, BBC, and Condé Nast report that Velocity enables them to ship software 20% faster, driving innovation and accelerating digital transformation. Propelled by these results, Velocity revenue has grown over 300% in the past year.
The team plans on using the funding to accelerate adoption and expand the predictive, AI-powered insights powering Velocity. Code Climate will also be further investing in their open, extensible Engineering Data Platform to connect information across DevOps systems. This holistic visibility helps engineering leaders advocate for their department while also playing a more strategic role in the organization as a whole. Engineering work can then be more directly tied to important business initiatives, like driving top-line revenue growth and increasing customer engagement.
"No one doubts the significance of innovation speed—but also no one measures it," told us Lindel Eakman from the Foundry Group. "Code Climate's Velocity finally gives organizations a clear path to achieving engineering excellence and winning markets."
About Code Climate:
Code Climate helps software engineering organizations achieve excellence with data-driven insights. Founded in 2011 and based in New York City, their Engineering Intelligence products, Velocity and Quality, are trusted by over 1,000 companies from start-ups to enterprises. Learn more about Code Climate by visiting https://codeclimate.com/.
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SOURCE Code Climate