In the world of software development, efficiency and accuracy are paramount. It is in this spirit that Telstra Ventures is thrilled to announce our lead investment in the $25M Series B round for Tel Aviv-based Tabnine, the creators of the industry’s first AI-powered assistant for developers. The round included participation from Atlassian Ventures and existing investors Elaia, Headline, Hetz Ventures, Khosla Ventures, and TPY Capital.
Tabnine is a revolutionary AI assistant designed to make coding faster and more efficient. It uses generative AI to predict and suggest the next line of code based on context and syntax, significantly accelerating the coding process. Today, it is estimated that 1.3% of the world’s code is written by Tabnine, a testament to its widespread adoption and effectiveness.
Also, Tabnine’s recent strategic shift to focus on enterprise customers, under the guidance of Gus Robertson, former Nginx CEO and current advisor, is a move we fully support. This strategy not only broadens their market reach but also aligns perfectly with the increasing demand for on-premises and private cloud solutions in large corporations. Tabnine’s diverse customer base of nearly one million developers includes industry giants such as LG, SADA, ReasonLabs, Samsung, CI&T, and Accenture. These companies, among others, are leveraging Tabnine’s AI to boost their productivity and streamline their coding processes.
Beyond just coding, Tabnine’s technology holds the potential to transform the entire software development life cycle (SDLC). Faster coding, higher code quality, better consistency, and faster onboarding of new staff are just a few of the benefits that come with integrating Tabnine into a company’s development process.
At Telstra Ventures, we are always excited about innovative companies that are pushing the boundaries of technology. There’s been a spectacular acceleration in generative AI systems (OpenAI, Microsoft Co-Pilot, and LLMs) over the last few months and only a handful of researchers around the world are advancing the science behind these systems. Tabnine is one of those companies. While other systems are black boxes that can’t be trained on company data and demand access to your code, that’s not the case for Tabnine. AI that ships software better and faster without IP exposure is a game-changer, and we believe Tabnine is at the forefront of this revolution.
We are excited to see how Tabnine will continue to innovate and revolutionize coding. As they enhance their product and introduce new features, we are confident that they will continue to push the boundaries of what is possible in the realm of software development.