Image source: Anysphere

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According to TechCrunch, Anysphere is a two-year-old startup that has developed an AI-coded assistant called Cursor. Two sources familiar with the deal told TechCrunch that Anysphere raised more than $60 million in a Series A funding round and was valued at $400 million after the round.

The round was co-led by Andreessen Horowitz and Thrive Capital. Patrick Collison, co-founder and CEO of Stripe, also participated in the round.

Anysphere, a16z and Collison did not respond to requests for comment. Thrive declined to comment.

The company was co-founded by Michael Truell, Sualeh Asif, Arvid Lunnemark, and Aman Sanger, who were students at MIT at the time. Trull and Sanger later enrolled in the Neo Scholars Program, a prestigious mentorship program for undergraduate students majoring in technical fields. Neo also operates an accelerator and a venture fund, and leads Anysphere's seed-stage investments. Last year, the company received an $11 million seed round led by OpenAI Startup Fund with participation from former GitHub CEO Nat Friedman, Dropbox co-founder Arash Ferdowsi, and other angel investors.

Anysphere is part of a growing number of AI-coded assistant startups. Other startups that aim to make software writing more efficient include Cognition, Poolside, Magic, and Augment, among others.

Investor interest in this space is not surprising. During last month's earnings call, Microsoft CEO Satya Nadella said GitHub Copilot, an AI-powered tool that helps developers write code faster and more efficiently, "has grown beyond the full size of GitHub when it was acquired," referring to GitHub's revenue. It is reportedly estimated that GitHub's revenue was as high as $300 million in 2018 when the tech giant agreed to buy a software development platform for $7.5 billion.

This means that about 3 million developers around the world pay Microsoft $100 a year (equivalent to GitHub's annual fee for an individual subscription) to become more productive coders, a venture capitalist who owns an investment stake in one of the coding startups estimates. "If you have that much demand, you're going to see a pretty competitive situation," he said. "

Anysphere's revenue and usage are also growing rapidly, one person said.

In July, Business Insider reported that Anysphere was in the process of raising a new round of funding with a target valuation of $400 million. 

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