We are pleased to announce our investment in Code Climate. We led the Series B financing alongside our partner fund, USV, who led the company’s previous financing. We were joined by existing investors NextView Ventures, Lerer Hippeau Ventures, and Trinity Ventures. Code Climate provides software engineering organizations with data-driven insights to improve their processes, teams, and code. Founded in 2011 and based in New York City, their products are trusted by over 1,000 companies ranging from startups to enterprises.
Two years ago, Code Climate launched Velocity, their Engineering Intelligence solution for software organizations. Managers can troubleshoot and action process improvements with their teams, while executives can make better strategic decisions with high-level insights into how the department is progressing. Teams from companies like Gusto, BBC, and Condé Nast have used Velocity to ship software 20% faster. Thanks to this early momentum, Velocity revenue has grown over 300% in the past year.
The success of the Velocity product and the continued commitment and enthusiasm of our partners at USV drew us to Code Climate. Our further engagement with the Code Climate team solidified our interest and excitement around what they’re building. 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 its open, extensible Engineering Data Platform to connect information across DevOps systems.
The CEO, Bryan Helmkamp, and his team will be a great fit in our Foundry family and we are excited to welcome them. Bryan and his co-founder, Noah Davis, built the business after experiencing their own need as software engineering leads. Code Climate fits in our Glue theme and sits nicely alongside developer and ops oriented infrastructure companies in our portfolio like Pantheon, Sensu, Fritz.AI, and Mapbox.
Learn more about Code Climate by visiting https://codeclimate.com/ or better yet, go sign up for Velocity NOW. To make engineering analytics accessible to all newly distributed teams, Code Climate just released a free version of Velocity for qualified teams.