AI Startup Poolside Nears $3 Billion Valuation
Poolside, a startup creating artificial intelligence to write software, is in talks to raise a new round of funding that would give it a $3 billion valuation even before releasing an initial product, according to people familiar with the deal.
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Poolside, a startup creating an AI for software, is in talks to raise a new round of funding that would give it a $3 billion valuation, Bloomberg reports.#startup #ai #fundinghttps://t.co/1h1mfN5Dj4
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The startup is currently focused on winning over developers and has shown a demo code-generation product to investors.
The company is set to raise nearly $500 million in new financing, said the people, who asked not to be identified discussing private information. Bain Capital Ventures, an existing investor in Poolside, is in talks to lead the investment round.
The large investment in the nascent company shows the continued investor appetite for AI startups, even as the public markets have cooled on the technology’s immediate commercial payoffs.
Paris-based Poolside was formed in early 2023 by Jason Warner, the former chief technology officer of coding repository GitHub, and Eiso Kant, a software entrepreneur. The startup relocated to France last year following a $126 million seed financing round, according to reports. Two other Parisian startups, Mistral AI and H, have raised massive amounts of venture capital to create generative AI models.
The company’s website lays out a plan to build the “most capable AI” for software coding, followed by a vision to expand those capabilities into “other fields.”
The startup is currently focused on winning over developers and has shown a demo code-generation product to investors, a person familiar with the matter said.
