In a world where most companies want to digitalise and where 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. This need is the key driving force behind the fast-growing global DevOps market, which is expected to reach $52 billion by 2030.
As companies increasingly have critical digital backbones, lack of code quality and technical debt can act as severe drags for companies in an increasingly competitive and globalised market.
Attempting to tackle the challenge head-on, Lisbon-based Codacy has raised $15 million in funding to help software development teams to ship high-quality code faster. The Series B round was led by Bright Pixel Capital and backed by existing investors Armilar Venture Partners, Faber Ventures, Join Capital, Caixa Capital, EQT Ventures and Iberis Capital.
The capital infusion will continue to fuel Codacy’s product innovation and development and accelerate global growth, with a focus on expanding its existing presence in the U.S.
The platform aims to provide actionable data-driven insights, including vital information on code quality, security, compliance, engineering health, and performance. It seamlessly integrates into the developers’ workflows, allowing customers to ship high-quality code in over 40 programming languages. According to the company, its product decreases time spent on quality monitoring by up to 60% through automated code reviews. Over the last twelve months, Codacy fixed more than 20,000,000 vulnerabilities (that is, over 60,000 vulnerabilities per day), significantly reducing the failure rate of new code releases and increasing the reliability of its customers’ code bases.
Codacy’s second and newest product, Pulse, enables teams to measure the engineering performance metrics that correlate with higher business impact and a strong, cohesive culture.
Jaime Jorge, Codacy co-founder and CEO, said: “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.”
Eduardo Piedade, CEO of Bright Pixel Capital added: “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.”
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