Generative artificial intelligence (AI) start-up Tabnine has raised $25m (NIS96.7m) in its Series B funding round led by Telstra Ventures.
New investor Atlassian Ventures also participated in the round, along with existing backers including Elaia, Headline, Hetz Ventures, Khosla Ventures, TPY Capital, and Qualcomm Ventures.
Founded in 2012, Israel-based Tabnine provides an AI-powered assistant for software developers.
The new funding takes the total investment raised by Tabnine till date to $55m.
Tabnine said it will use the funding to integrate generative AI into the end-to-end software development lifecycle (SDLC).
It will also use the proceeds to bolster its sales and global support teams to meet the rising demand.
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Among its offerings is Tabnine Chat, an AI code assistant that writes code and responds to natural language prompts using the codebases of organisations.
Tabnine Chat leverages large language models with familiarity with codebase to speed up code development and enhance output quality.
Tabnine co-founder and CEO Dror Weiss said: “Organisations are racing to adopt generative AI and prove its value across most aspects of the business. However, the use of generative AI in the SDLC has already delivered real business results and now is the time to meet soaring enterprise demand.
“We are grateful to partner with our new and existing investors to address customers’ development needs by offering a proven solution that also delivers on security, privacy, and consistency.”
Telstra Ventures general partner Steve Schmidt said: “There’s been a spectacular acceleration in generative AI systems over the last few months and only a handful of researchers around the world are advancing the science behind these systems. Tabnine is one of those companies.
“While other systems are black boxes that can’t be trained on company data and demand access to your code, that’s not the case for Tabnine. AI that ships software better and faster without IP exposure is a game-changer, and we believe Tabnine is at the forefront of this revolution.”