Grit, a New York-based artificial intelligence code cleanup startup, raised a $7 million seed funding round led by Founders Fund and Abstract Ventures.
Quiet Capital, 8VC, A* Capital, AME Cloud Ventures, SV Angel, Operator Partners, CoFound Partners, and Uncorrelated Ventures also participated in the round.
Grit provides an AI-powered product that automates software maintenance, traditionally a manual and frustrating task for software engineering teams, particularly for large enterprises with antiquated code bases.
For example, when new versions of software come out, engineering teams can spend months updating their code to work with the new software version, which Grit uses AI to entirely automate, said the company’s CEO, Morgante Pell. In one case, a software project that was supposed to take six months was shortened to one week using Grit, he said.
Grit was previously in private beta, but with the new funding, the company has now opened a public beta.
According to the company, customers range from small startups to publicly traded companies.
Company: Grit
Raised: $7.0M
Round: Seed Round
Funding Month: August 2023
Lead Investors: Founders Fund and Abstract Ventures
Additional Investors: Quiet Capital, 8VC, A* Capital, AME Cloud Ventures, SV Angel, Operator Partners, CoFound Partners, and Uncorrelated Ventures
Company Website: https://www.grit.io/
Software Category: Automated Technical Debt Management Tool
About the Company: Founded in 2022, Grit.io is a developer of machine learning software designed to automatically fix technical debt. The company's software combines static analysis tooling with machine learning to automatically migrate code to new patterns and platforms, enabling customers to have a platform for solving technical debts.
Source: https://www.reuters.com/technology/ai-startup-grit-raises-7-mln-automate-software-maintenance-2023-08-15/