Code Metal Secures $16.5M Funding for Edge AI Tool

Code Metal, a software development company based in Boston, has recently secured $16.5 million in funding for its innovative platform that combines traditional formal-methods-based code analysis with custom coding for edge AI applications.

The funding will be utilized by Code Metal to further enhance its modular and verifiable workflows, which integrate generative AI agents and formal methods. This approach aims to significantly reduce software product development timelines from months to mere days. Additionally, the company plans to expand its team of experts in hardware, AI, and traditional compiler design to support its 'transpiler' technology, enabling code to run seamlessly on various platforms.

The recent $16.5 million funding round for Code Metal was led by Shield Capital, following a previous $3.45 million pre-seed round spearheaded by J2 Ventures, with additional support from Fulcrum Venture Group, Underdog Labs, and other investors.

According to IDC, global spending on edge computing is projected to reach $232 billion by 2024, with continued growth expected to surpass $350 billion by 2027. This growth is largely attributed to the integration of AI applications into edge infrastructure, highlighting the increasing demand for advanced edge computing solutions.

Code Metal was established by a team of industry veterans with backgrounds at prestigious institutions such as MIT, IBM, and Microsoft, having previously contributed to projects like the F-35 Joint Strike Fighter and the Microsoft HoloLens VR headset.

“We are witnessing a significant shift in software development, with edge computing poised to benefit immensely from this evolution,” stated Peter Morales, CEO of Code Metal. “The funding we have received underscores the rising importance of edge computing and the complexities that companies encounter as they redefine their software development strategies. With the backing of our investors, top-tier talent, and positive customer feedback, we are confident in our ability to lead a new era of edge-powered devices, ranging from robotics to medical equipment.”

Code Metal has already begun generating revenue and has formed a strategic partnership with US defense contractor L3Harris, showcasing its impact in various sectors.

“Code Metal has played a pivotal role in infusing intelligence into our logistics network, transforming how we approach supply chain management,” remarked Chris Hartnoll, CEO of HICO Investment Group, an organization specializing in technology incubation. “Their innovative solutions have revolutionized our operations.”

Michael Brown, a Partner at Shield Capital, praised Code Metal's rapid progress in edge development, particularly at a time when edge deployments are rapidly expanding.

“Code Metal is leading the charge in accelerating edge development, surpassing its competitors in a landscape where edge technologies are scaling swiftly,” Brown commented. “With a team that has successfully implemented AI systems in products like Amazon Alexa, F-35 fighter jets, and Microsoft HoloLens, Code Metal possesses the expertise and market traction needed to address this burgeoning industry.”

For more information about Code Metal and its cutting-edge solutions, visit www.codemetal.ai.