NEW YORK, Oct. 8, 2019 /PRNewswire/ -- Codacy, the Lisbon-based startup whose platform automates and standardizes software quality to increase the efficiency of developers and enterprise development teams, announces raising $7.7M in funding. This round is led by Join Capital, with participation from EQT Ventures, Armilar Venture Partners, Faber Ventures, and Caixa Capital.
Founded in 2014 by CEO Jaime Jorge and CTO João Caxaria, Codacy's software-as-a-service product addresses the problem of unstandardized and poorly measured software quality, which leaves companies chasing technical debt and creating large productivity gaps that delay product releases and impact bottom lines. The platform analyzes more than 30 billion lines of code per day through a customer base of more than 450, including Norwegian Cruise Line, Barracuda, PetSmart, Delivery Hero, Angie's List, Genesys, Toptal, and O.C. Tanner (who has seen a 90% time savings in their code review process).
According to Jorge, "Large enterprises, employing thousands of developers distributed across the globe, are seeking ways to enable their engineering teams to become more productive and predictable. With estimates showing that roughly 42% of developers' time is spent maintaining code, we're seeing massive demand for quality standardization in the development cycle."
Within the last year, Codacy has seen significant revenue growth, expanded its headcount to near 50, opened a U.S. HQ in New York, and hired a customer team and Global Head of Sales in the Bay Area. With this round, the company plans to further expand product development and accelerate commercial initiatives to support increasing demand and its customer base around the world.
In order to fully support the rapidly scaling Enterprise market, Codacy is preparing to offer deployment on Kubernetes for all of its cloud and on-premise users while continuing to release additional programming language support and expand features within GitHub, GitLab, and Bitbucket environments.