British AI start-up Tessl has achieved an impressive $750m valuation merely nine months after its inception, signalling its intent to transform the way computer programmers develop software.
The company, headquartered in London and established in February, secured a substantial $100 million in its Series A funding round, led by Index Ventures. The funding cohort also includes notable investors such as Accel Partners, GV, and boldstart, as reported by .
This follows a previously undisclosed seed investment of $25 million in April, with GV, previously known as Google Ventures, amongst the participating entities.
Entrepreneur Guy Podjarny, who previously held the CTO position at cloud services company Akamai the acquirer of his first enterprise, Blaze. io, in 2012 founded Tessl.
Podjarny is also noted for founding cybersecurity specialist Snyk. io back in 2015.
Tessl, which plans its market debut in early 2025, is looking to speed up and democratise the software development process utilising sophisticated AI models.
With a current headcount of 21, the firm has developed two test iterations of its coding assistant. The waitlist for this tool was launched this Thursday.
"We're creating a new paradigm where humans express what they want to build, and AI handles the implementation," remarked CEO Podjarny regarding the forward-thinking vision of the company.
Tessl envisages channeling the fresh capital into platform enhancement and expanding its team, particularly in research, engineering, and design expertise.
While the company withheld its valuation, this milestone reflects a burgeoning demand for artificial intelligence technology, highlighting it as a cornerstone in the government's renewed push to elevate Britain's standing in the global tech scene.
The º£½ÇÊÓƵ's reputation as a top destination for tech and AI investment has been reinforced by this latest deal, according to Science Secretary Peter Kyle, who commented on Thursday: "The º£½ÇÊÓƵ is one of the best places to invest in tech and AI as shown by this latest announcement,".
He added: "Last month we announced more than £6bn of international backing for data centres to boost our AI capacity, and today we're seeing investors going faster and further to support brilliant British AI expertise."
Carlos Gonzalez-Cadenas, a partner at Index Ventures, praised Podjarny, saying: "What he's building with Tessl isn't just a tool, but a movement to change how software gets made," and noted that he has "a great track record of catalyzing cultural change in how developers work".
