News Summary

CodeRabbit, a two-year-old AI code review startup founded by Harjot Gill, has raised $60 million in a Series B funding round, elevating its valuation to $550 million. The round was led by Scale Venture Partners with participation from NVentures, Nvidia’s venture capital arm, and returning investors like CRV, bringing the total funding to $88 million. CodeRabbit, which initially spun off from Gill’s previous venture FluxNinja, offers a platform that aids developers in identifying bugs and providing feedback on AI-generated code. The startup is experiencing a 20% monthly growth rate and reports over $15 million in annual recurring revenue. It serves over 8,000 businesses, including companies like Chegg, Groupon, and Mercury, by streamlining the code review process. Despite competition from other AI coding assistants and startups such as Graphite and Greptile, CodeRabbit differentiates itself by offering a more comprehensive standalone solution for AI-powered code review.