Funding for generative AI technology continues to surge, with Replit, an IDE startup focused on creating an AI-driven code generation tool named Ghostwriter, recently raising close to $100 million ($97.4 million) at a post-money valuation of $1.16 billion.
The Series B extension round was spearheaded by Andreessen Horowitz and included contributions from Khosla Ventures, Coatue, SV Angel, Y Combinator, Bloomberg Beta, Naval Ravikant, ARK Ventures, and Hamilton Helmer.
Replit CEO and founder Amjad Masad expressed determination in the company’s mission to “enable a billion software developers.” He also mentioned that the newly acquired funds, which bring Replit’s total capital raised to over $200 million, will be used to enhance the core product experience, grow Replit’s cloud services, and foster innovation in AI.
Masad further stated, “AI has already accelerated our progress towards that future, and we are excited to broaden our services for professional developers.”
Replit, based in San Francisco, was co-founded in 2016 by programmers Amjad Masad, Faris Masad, and designer Haya Odeh. Before founding Replit, Amjad Masad held engineering positions at Yahoo and Facebook, where he developed software development tools.