SAN FRANCISCO, Dec. 03, 2020 (GLOBE NEWSWIRE) -- Sourcegraph Secures $50 Million in Series C Funding for Universal Code Search
Universal Code Search Empowers Developers to Tackle Challenges of Big Code; Andrew Reed of Sequoia Joins Board of Directors
SAN FRANCISCO — December 3, 2020 — Sourcegraph, the leader in Universal Code Search, announced today that it has secured $50 million in Series C funding led by Sequoia Capital. Sourcegraph will use the new funds to address the increasing demand for Universal Code Search, empowering developers to better manage the challenges of Big Code. Sourcegraph also announced that Andrew Reed, partner at Sequoia, has joined the company’s Board of Directors.
“We’ll use this additional funding to ensure long-term independence and make Universal Code Search an even more powerful tool for developers everywhere,” said Quinn Slack, co-founder and CEO at Sourcegraph. “We plan to invest $10M into code intelligence for deeper analysis of the top 40 programming languages, $20M into a secure and scalable Sourcegraph Cloud for large enterprises, and make similar-sized investments into code insights and campaigns.”
Big Code is one of the most pressing innovation blockers facing developers and enterprise brands today. According to a recent survey, 94 percent of developers are personally affected by the phenomenon. As code continues to grow rapidly in volume, variety, velocity, and value, companies’ speed of innovation becomes more and more dependent on developers’ ability to efficiently manage code across large, complex codebases. Sourcegraph’s Universal Code Search improves developer productivity with critical code navigation and contextual code intelligence that integrates with any stack, providing a single place to find, update, patch, or share code across repositories, languages, tools, and platforms.
“Every company is facing Big Code problems, and Universal Code Search is the common solution. Sourcegraph has built a beloved product and is the emerging market leader in code search,” said Andrew Reed, partner at Sequoia. “Sourcegraph’s Universal Code Search essentially serves as ‘Google for developers,’ empowering engineering teams to quickly traverse massive codebases and find and analyze the impact of specific lines of code. Sourcegraph is a must-have productivity tool for all developers and will become the system-of-intelligence for code.”
In just the past two months, companies have used Sourcegraph to search across 11 billion lines of code; 5x more than the total lines of code in Google’s entire codebase. Sourcegraph signed some of the world’s largest brands in 2020, including 26 major enterprise customers, with zero enterprise churn.
"Millions of users around the world rely on Atlassian products every day to collaborate," said Sri Viswanath, Chief Technology Officer at Atlassian. "Sourcegraph helps our engineering teams better manage code in order to build and ship quality products to our customers faster."
Since Sourcegraph’s Series B in March 2020, the company has grown significantly, increasing annual recurring revenue 4x with 245 percent net ARR retention. The company also more than doubled its fully remote team, and plans to scale to 100 teammates by January 2021. Sourcegraph’s growth is fueled by rapid adoption by development teams at top companies like Amazon, Atlassian, Capital One, Lyft, PayPal, Uber, Yelp, and many others. With this round, the company has raised a total of $98 million in funding to date.
Learn more about how enterprise organizations are driving innovation with Universal Code Search here.
About Sourcegraph
Sourcegraph helps companies solve Big Code problems so developers can innovate faster. Sourcegraph’s Universal Code Search is the only solution that empowers developers to easily find and understand code and fix problems across the entire codebase. Companies using Sourcegraph benefit from accelerated software iteration, improved code quality, faster bug fixes and incident response times, more effective remote coding collaboration, safer legacy code deprecation, better coding insights and more. Sourcegraph’s customers include many of the world’s leading companies, such as Amazon, PayPal, Uber, Lyft, Yelp, Atlassian, and Indeed. The all-remote company is backed by Sequoia Capital, Craft Ventures, Redpoint Ventures, and Goldcrest Capital.
Visit sourcegraph.com/jobs for career opportunities, follow Sourcegraph on Twitter at @srcgraph, or visit about.sourcegraph.com.
Media contact
Tanya Carlsson
Offleash PR for Sourcegraph
sourcegraph@offleashpr.com