Replit Secures $250M Funding, Triples Valuation to $3B with New AI Coding Tool

AI Coding Startup Replit Valued at $3 Billion With New Funding

AI coding startup Replit Inc. has raised $250 million in a funding round that nearly triples its valuation to $3 billion, the latest sign of investor demand for companies using artificial intelligence for software development. Prysm Capital is leading the financing round, which includes investors such as American Express Ventures and Google's AI Futures Fund, the company said on Wednesday. Existing backers such as Andreessen Horowitz and Y Combinator participated in the round, too. Bloomberg Beta, the venture capital arm of Bloomberg LP, is also an investor in the startup.

AI software developer Replit raises $250 million at $3 billion valuation

Sept 10 (Reuters) - AI software developer platform Replit on Wednesday said it has raised $250 million in a funding round that values the San Francisco-based company at $3 billion, as investors continue to back AI startups. Valuations for code-generation firms or "code-gen" startups have climbed as companies look to use AI to assist -- and in some cases replace -- human software engineers. Replit was valued at just over $1 billion in 2023 after it raised $97.4 million. The company said its annualized revenue rose to $150 million from $2.8 million in less than a year. The latest financing was led by Prysm Capital and includes Google's (GOOGL.O), opens new tab AI Futures Fund and Amex Ventures as strategic investors. Existing backers including Andreessen Horowitz -- also known as a16z -- and Coatue increased their investments. Companies including Duolingo (DUOL.O), opens new tab and Zillow (ZG.O), opens new tab use Replit to build applications. Replit on Wednesday launched Agent 3, an autonomous tool that can test and fix code and build custom agents and workflows. In May, Cursor, a San Francisco-based code-generation startup that suggests and completes lines of code and can write sections of code autonomously, raised $900 million at a $10 billion valuation. Reporting by Juby Babu in Mexico City; Editing by Tasim Zahid Our Standards: The Thomson Reuters Trust Principles., opens new tab

Replit raises $250M at $3B valuation for its AI application builder - SiliconANGLE

Replit raises $250M at $3B valuation for its AI application builder Replit Inc., a startup with an artificial intelligence platform that speeds up application development, has raised $250 million in new funding. Prysm Capital led the investment with contributions from more than a half dozen other backers. Google LLC's AI Futures fund, Y Combinator and Coatue were among the participants. Replit disclosed in its announcement of the raise today that it's now worth $3 billion. Replit's platform enables users to create applications by entering prompts into a chatbot-like interface. A salesperson, for example, could build a tool that ranks leads based on their likelihood of turning into paying customers. A help desk team can create a user-facing knowledge base that answers common support questions. Replit generates applications in two steps. First, its AI models create a basic prototype in about 10 minutes. It then allows customers to specify if any changes are required and uses the feedback to generate a production-ready application. Until now, the AI engine that powers Replit spent up to 20 minutes turning users' prototype applications into fully-functioning software. The company today debuted a new version of the engine that can run ten times longer. In many cases, enabling an AI model to spend more time on a task increases the quality of its output. Agent3, as Replit's new AI engine is called, also includes other enhancements. One of the feature additions enables users to create custom automation tools. A marketing team, for example, could build a chatbot that can fetch ad performance information from an external database. A new mode called App Testing enables Agent3 to check the applications it creates for bugs. It searches for technical issues by launching the application in a browser and simulating user interactions. According to Replit, Agent3 automatically fixes any bugs it finds. Users can also have the platform check their applications for cybersecurity issues. Replit spots code vulnerabilities, as well as application secrets such as login credentials that may be stored in an insecure manner. The company's platform includes a tool that can store secrets in an encrypted format. Replit is available in a free version and three paid editions that include additional features. The most advanced tier, the Enterprise plan, offers controls that enable administrators to centrally manage employee accounts. There's also single sign-on support and a feature called Viewer Seats that makes it possible to give users read-only access to applications. Replit disclosed today that its platform is generating $150 million in annualized revenue. That's up from $2.8 million a year ago. The company says that its customer base includes Anthropic PBC, Coinbase Inc., Zillow Group Inc. and other major tech firms.

AI software developer Replit raises $250 million at $3 billion valuation - The Economic Times

Replit was valued at just over $1 billion in 2023 after it raised $97.4 million. The company said its annualised revenue rose to $150 million from $2.8 million in less than a year.AI software developer platform Replit on Wednesday said it has raised $250 million in a funding round that values the San Francisco-based company at $3 billion, as investors continue to back AI startups. Valuations for code-generation firms or "code-gen" startups have climbed as companies look to use AI to assist - and in some cases replace - human software engineers. Replit was valued at just over $1 billion in 2023 after it raised $97.4 million. The company said its annualized revenue rose to $150 million from $2.8 million in less than a year. The latest financing was led by Prysm Capital and includes Google's AI Futures Fund and Amex Ventures as strategic investors. Existing backers including Andreessen Horowitz - also known as a16z - and Coatue increased their investments. Companies including Duolingo and Zillow use Replit to build applications. Replit on Wednesday launched Agent 3, an autonomous tool that can test and fix code and build custom agents and workflows. In May, Cursor, a San Francisco-based code-generation startup that suggests and completes lines of code and can write sections of code autonomously, raised $900 million at a $10 billion valuation.