Code Metal Secures $16.5M in Seed Funding to Accelerate Edge Development
BOSTON, July 23, 2024 -- Code Metal, a leading company in AI-powered development workflows for the edge, announced a $13 million seed, led by Shield Capital, and a prior $3.45 million pre-seed round, led by J2 Ventures, with support from Fulcrum Venture Group, Underdog Labs, and others.
Code Metal will use this funding to continue building modular and verifiable agentic workflows that transform product development timelines from months to days. It also plans to expand its team of experts in hardware, AI, and traditional compiler design to serve its rapidly growing pipeline of customers.
Worldwide spending on edge computing is predicted to reach $232 billion in 2024 and will have sustained growth through 2027 to nearly $350 billion, according to IDC, driven largely by the integration of AI applications into edge infrastructure. As a result, more organizations and government entities seek to migrate applications to the edge, but workloads can vary across organizations and applications, making deployment difficult. Code Metal's experts from top companies like Microsoft, Imbue, Meta, IBM, and Intel are building a developer platform that integrates traditional formal-methods-based code analysis with advanced custom coding large language models.
“We are on the cusp of a massive transformation in software development, and edge computing stands to benefit the most from this change,” said Peter Morales, CEO of Code Metal. “This funding is a testament to the continued growth in edge computing and the challenges companies face as they rethink their software development strategy. With our investors’ support, world-class talent, and customer validation, we are confident that we are on the trajectory to usher in an entirely new wave of edge-powered devices, from robotics to medical devices.”
Code Metal is already generating revenue and has established strategic partnerships with industry leaders in edge deployments, including X-Press Feeders, the world's largest independent container feeder operator, and L3Harris, a renowned American defense contractor and tech services provider.
“Code Metal has been transformational in designing, building, and delivering intelligence into our logistics network,” said Chris Hartnoll, CEO of HICO Investment Group, which incubates technologies and businesses in the space. “It’s revolutionized how we think about the supply chain.”
“Code Metal is accelerating development at the edge faster than any of its peers at a time where edge deployments are scaling rapidly,” said Michael Brown, Partner at Shield Capital. “Driven by the founders that brought AI systems to the edge in Amazon Alexa, F-35 fighter jets, and Microsoft HoloLens, Code Metal has both the expertise and customer buy-in to tackle this massive market.”
For more information on Code Metal, visit: https://www.codemetal.ai.
About Code Metal
Code Metal is the leading company for AI-powered development workflows at the edge. Drawing on years of experience from leading AI labs at MIT and industry giants like Meta, Microsoft and Amazon, the Code Metal team has mastered the science of translating sophisticated research algorithms for cutting-edge platforms, from the F-35 Joint Strike Fighter to the Microsoft HoloLens. Now, Code Metal is bringing its algorithmic breakthroughs to hardware applications to accelerate development at the edge. Code Metal is backed by Shield Capital, J2 Ventures and others. Learn more at https://www.codemetal.ai.
Source: Code Metal
