Cursor, a maker of artificial intelligence (AI)-powered coding tools, is seeking to raise about $2 billion in a funding round that values the company at more than $50 billion, Bloomberg reported Friday (April 17), citing anonymous sources.
Discussions are at an advanced stage but are ongoing and subject to change, the report said.
Cursor did not immediately respond to PYMNTS’ request for comment.
Bloomberg reported in March that the company was seeking a $50 billion valuation. The report did not include the amount of money Cursor was seeking to raise.
According to a report on Friday, Cursor will launch an AI coding assistant in 2023, making the company one of the fastest-growing startups in history.
In November, the company announced that it had raised $2.3 billion in Series D funding at a valuation of $29.3 billion.
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At the time, the company experienced rapid expansion, growing its team to 250 people and announcing annual revenue of more than $1 billion. The company said it serves “millions of developers.”
“We believe that coding will be the single biggest driver of global productivity over the next decade, and our mission is to accelerate that progress,” Cursor co-founder and CEO Michael Truell said in a November press release.
Curser announced in a February press release that it hired Brian McCarthy, former Rubrik president and chief revenue officer, as president of global revenue and field operations. Carther said McCarthy will lead the company’s global go-to-market organization.
“Enterprise demand for Cursor is growing at an extraordinary pace,” Cursor Chief Operating Officer Jordan Topoleski said in a press release announcing the appointment. “As the world’s largest companies rethink how they build software, we are rapidly scaling to support customers around the world.”
Cursor said in a February release that its products are used by more than 50,000 engineering teams around the world, including engineering teams in nearly 70% of Fortune 1000 companies.
PYMNTS reported in June that AI coding assistants enable small teams to perform tasks that would otherwise cost a lot of money, helping companies reduce development time and bring products to market faster.
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