Portuguese startup Codacy is helping developers meet the demands of an increasingly digital world. The team has just raised an additional €15.5 million putting the startup in pole position in the market.
While digital transformation continues to impact (almost) every aspect of modern life, it’s being impacted by a shortage of developers to meet the ever-increasing demand. Companies from all markets and sectors want to digitize but keeping up the pace is putting strain on engineering teams. As a result, the global DevOps market is rapidly growing in an effort to pump out the tools that engineers and developers need to work more efficiently. The market is expected to reach an incredible €52 billion by 2030.
Lisbon-based Codacy is tapping into this market, having built an intelligence platform that provides key insights for engineering teams to reach their full potential. The startup has just scooped up €15.5 million.
The Series B round was led by Bright Pixel Capital, a leading technology investment group focused on digital infrastructure software, cybersecurity, and retail technology.
Existing investors Armilar Venture Partners, Faber Ventures, Join Capital, Caixa Capital, EQT Ventures and Iberis Capital also participated in the round.
It comes during an exciting year for the startup which has seen its global footprint strengthened with a growing US consumer base. The capital will be used to support Codacy’s continued focus on enabling engineering teams to reach their full potential by providing insights into the development process by enabling product development, more global growth and key hires to be made.
Jaime Jorge, Codacy Co-Founder and CEO, explained: “Today marks an exciting milestone for us. The new investment, and our growing customer base across the globe, validate our mission to help developers and dev teams reach their full potential. Driven by our continued focus on building a category leader in the software space, we will continue to invest in our platform, helping companies manage software quality efficiently and provide actionable insights on development processes. We’re delighted to welcome Bright Pixel Capital as a specialist investor with such deep sector expertise to further accelerate the development of our DevOps Intelligence Platform.”
Making DevOps more efficient
Founded in 2012, Codacy has been paving the way for digital transformation for companies across different sectors, helping them to meet the demands and expectations of the digital world.
Most, if not all, companies are going digital and while there is an ever-growing shortage of developers to meet those demands, there is an increasing need for tools that improve the efficiency of engineering teams.
Eduardo Piedade, CEO of Bright Pixel Capital said: “At Bright Pixel, we are very familiar with the challenges that companies face in an ever more digital world. Measuring and improving code quality, security and productivity are increasingly crucial tasks for companies that want to stay competitive. Codacy’s DevOps intelligence platform presents itself as the right solution for these needs by providing a suite of products that provide actionable insights to both developers and engineering leaders. We are proud to lead this round and look forward to supporting this incredible team on their mission to help developers ship better code, faster.”
With increasing digitization, a lack of code quality and technical debt can act as severe drags for companies in an increasingly competitive and globalized market. Capitalizing on this market opportunity, Codacy is aiming to become the number one choice for software-led organizations who want to standardize software and guide teams to full engineering performance.
The product suite, including Quality and Pulse, provides actionable data-driven insights to developers, including vital information on code quality, security, compliance, engineering health and performance. It can also be easily integrated into developers’ existing workflows, allowing customers to ship high-quality code in over 40 programming languages.
More than 300k developers and 870 customers worldwide already use Codacy’s platform. These customers include international corporations such as Panasonic, Delivery Hero, Harvey Nichols and Delhivery.
Scott Anderson, Senior VP of Product & Engineering at Vevo, said: “A lot of our YouTube publishing pipeline is now covered through this [Codacy]. (…) it hit 70% code coverage across those pieces, and we’ve reduced our tech support time by about 60%. For most of these legacy systems that had outages or blips on an almost daily basis, we’ve reduced that significantly, to where we are not in rapid response or firefighting mode all the time.”