Code Metal raises $16.5M for edge AI tool
Code Metal in Boston has raised $16.5m for its software development platform that integrates traditional formal-methods-based code analysis with custom coding large language models for edge AI.
Code Metal will use the funding to continue building modular and verifiable workflows combining generative AI agents and formal methods to cut software product development timelines from months to days. It also plans to expand its team of experts in hardware, AI, and traditional compiler design for its ‘transpiler’ that allows code to run on many different platforms.
The $13m seed round for Code Metal was led by Shield Capital, and a prior $3.45m pre-seed round, led by J2 Ventures, with support from Fulcrum Venture Group, Underdog Labs, and others.
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.
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Code Metal was founded by executives from MIT, IBM, and Microsoft who have previously worked on the F-35 Joint Strike Fighter and the Microsoft HoloLens VR headset.
“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 a strategic partnership with US defense contractor L3Harris.
“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.”
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