{"id":392574,"date":"2020-12-03T08:03:59","date_gmt":"2020-12-03T13:03:59","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=392574"},"modified":"2020-12-03T08:03:59","modified_gmt":"2020-12-03T13:03:59","slug":"sourcegraph-secures-50-million-in-series-c-funding-for-universal-code-search","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sourcegraph-secures-50-million-in-series-c-funding-for-universal-code-search\/","title":{"rendered":"Sourcegraph Secures $50 Million in Series C Funding for Universal Code Search"},"content":{"rendered":"

\nUniversal Code Search Empowers Developers to Tackle Challenges of Big Code; Andrew Reed of Sequoia Joins Board of Directors
\n<\/h2>\n
\n

SAN FRANCISCO, Dec. 03, 2020 (GLOBE NEWSWIRE) — Sourcegraph<\/strong> Secures $50 Million in Series C Funding for Universal Code Search<\/strong><\/p>\n

\n Universal Code Search Empowers Developers to Tackle Challenges of Big <\/em>
\n Code;<\/em>
\n Andrew Reed of Sequoia Joins Board of Directors<\/em>\n <\/p>\n

\n SAN FRANCISCO \u2014 December 3, 2020 \u2014 <\/strong>
\n
\n Sourcegraph<\/u>
\n <\/a>, the leader in Universal Code Search, announced today that it has secured $50 million in Series C funding led by Sequoia Capital<\/u><\/a>. Sourcegraph will use the new funds to address the increasing demand for Universal Code Search, empowering developers to better manage the challenges of Big C<\/u><\/a>ode<\/u><\/a>. Sourcegraph also announced that Andrew Reed, partner at Sequoia, has joined the company\u2019s Board of Directors.<\/p>\n

\u201cWe\u2019ll use this additional funding to ensure long-term independence and make Universal Code Search an even more powerful tool for developers everywhere,\u201d said Quinn Slack, co-founder and CEO at Sourcegraph. \u201cWe 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.\u201d<\/p>\n

Big Code is one of the most pressing innovation blockers facing developers and enterprise brands today. According to a recent survey<\/u><\/a>, 94 percent of developers are personally affected by the phenomenon. As code continues to grow rapidly in volume, variety, velocity, and value, companies\u2019 speed of innovation becomes more and more dependent on developers\u2019 ability to efficiently manage code across large, complex codebases. Sourcegraph\u2019s 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.<\/p>\n

\u201cEvery 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,\u201d said Andrew Reed, partner at Sequoia. \u201cSourcegraph\u2019s Universal Code Search essentially serves as \u2018Google for developers,\u2019 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.\u201d<\/p>\n

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\u2019s entire codebase. Sourcegraph signed some of the world\u2019s largest brands in 2020, including 26 major enterprise customers, with zero enterprise churn.<\/p>\n

“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.”<\/p>\n

Since Sourcegraph\u2019s 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\u2019s growth is fueled by rapid adoption by development teams at top companies like Amazon, Atlassian, Capital One, Lyft, PayPal, Uber, Yelp, and many others<\/u><\/a>. With this round, the company has raised a total of $98 million in funding to date.<\/p>\n

Learn more about how enterprise organizations are driving innovation with Universal Code Search here<\/u><\/a>.<\/p>\n

\n About <\/strong>
\n Sourcegraph<\/strong>
\n
Sourcegraph helps companies solve Big Code problems<\/u><\/a> so developers can innovate faster. Sourcegraph\u2019s<\/u><\/a> Universal Code Search<\/u><\/a> 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<\/u><\/a>. Sourcegraph\u2019s customers include many of the world\u2019s 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.<\/p>\n

Visit sourcegraph.com\/jobs<\/u><\/a> for career opportunities, follow Sourcegraph on Twitter at @srcgraph<\/u><\/a>, or visit about.sourcegraph.com<\/u><\/a>.<\/p>\n

\n Media contact<\/strong>
\n
Tanya Carlsson
Offleash PR for Sourcegraph
sourcegraph@offleashpr.com<\/u><\/a><\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Universal Code Search Empowers Developers to Tackle Challenges of Big Code; Andrew Reed of Sequoia Joins Board of Directors 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 \u2014 December 3, 2020 \u2014 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, … <\/p>\n

Continue reading “Sourcegraph Secures $50 Million in Series C Funding for Universal Code Search”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-392574","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nSourcegraph Secures $50 Million in Series C Funding for Universal Code Search - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sourcegraph-secures-50-million-in-series-c-funding-for-universal-code-search\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sourcegraph Secures $50 Million in Series C Funding for Universal Code Search - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Universal Code Search Empowers Developers to Tackle Challenges of Big Code; Andrew Reed of Sequoia Joins Board of Directors 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 \u2014 December 3, 2020 \u2014 Sourcegraph , the leader in Universal Code Search, announced today that it has secured $50 million in Series C funding led by Sequoia Capital. 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