Code Climate Raises $8.5m in Series B Funding to Expand Its Engineering Intelligence Platform

Code Climate | May 12, 2020

  • Code Climate has raised $8.5M to expand their Engineering Intelligence platform to deliver a single source of truth for data-driven engineering departments.

  • Code Climate launched Velocity, an Engineering Intelligence solution that delivers deep insights for every level of the organization.

  • Code Climate will also be further investing in their open, extensible Engineering Data Platform to connect information across DevOps systems.


Code Climate has raised $8.5M in Series B funding to expand their Engineering Intelligence platform to deliver a single source of truth for data-driven engineering departments. The round was led by Foundry Group with existing investors Union Square Ventures, NextView Ventures, Lerer Hippeau Ventures, and Trinity Ventures participating.

The long-term success of most businesses depends on engineering excellence-but historically, software development has been a black box. In a world that is becoming increasingly software-dependent, we need objective, actionable insights to measure and improve how the engineering department works.

- CEO Bryan Helmkamp


Two years ago, Code Climate launched Velocity, an Engineering Intelligence solution that delivers deep insights for every level of the organization. Managers are empowered to diagnose and action process improvements with their teams, while executives get high-level insights into how the department is progressing. Customers like Gusto, BBC, and Condé Nast report that Velocity enables them to ship software 20% faster, driving innovation and accelerating digital transformation. Propelled by these results, Velocity revenue has grown over 300% in the past year.

Read more: Uptime.com Reveals Trends Driving Site Reliability Engineering in Its Annual Downtime Report

The team plans on using the funding to accelerate adoption and expand the predictive, AI-powered insights powering Velocity. Code Climate will also be further investing in their open, extensible Engineering Data Platform to connect information across DevOps systems. This holistic visibility helps engineering leaders advocate for their department while also playing a more strategic role in the organization as a whole. Engineering work can then be more directly tied to important business initiatives, like driving top-line revenue growth and increasing customer engagement.

No one doubts the significance of innovation speed—but also no one measures it. Code Climate's Velocity finally gives organizations a clear path to achieving engineering excellence and winning markets.

- Lindel Eakman from the Foundry Group


Read more: Engineering Service Provider Will Enable Casting Traceability for DGS Druckguss Systeme

About Code Climate:

Code Climate helps software engineering organizations achieve excellence with data-driven insights. Founded in 2011 and based in New York City, their Engineering Intelligence products, Velocity and Quality, are trusted by over 1,000 companies from start-ups to enterprises.

Spotlight

Keeping packaging equipment up and running is a top priority for engineers and plant personnel. Faced with ever-increasing productivity benchmarks based on fast and efficient operation, packaging engineers must continually fight against issues such as sticking, premature wear, abrasion, and corrosion. To eliminate these challenges, nano-engineered coatings are being used to protect machine components and solve performance problems in food, pharmaceutical, and consumer goods packaging.

Spotlight

Keeping packaging equipment up and running is a top priority for engineers and plant personnel. Faced with ever-increasing productivity benchmarks based on fast and efficient operation, packaging engineers must continually fight against issues such as sticking, premature wear, abrasion, and corrosion. To eliminate these challenges, nano-engineered coatings are being used to protect machine components and solve performance problems in food, pharmaceutical, and consumer goods packaging.

Related News

ENGINEERING TECH

TechnipFMC and Saipem Announce SURF Commercial Agreement to Unlock New Opportunities

TechnipFMC & Saipem | October 28, 2021

TechnipFMC (NYSE: FTI) (PARIS: FTI) and Saipem (MILAN: SPM) announced the two companies have entered into a global commercial agreement that will allow them to identify projects worldwide that could be jointly executed for the benefit of clients. The commercial agreement will pursue specific Subsea Umbilicals, Risers and Flowlines (SURF) projects where the combination of the companies’ complementary world-class assets, technologies, products and competencies improves project economics and de-risks the overall project development for the benefit of all stakeholders. “The SURF commercial agreement with TechnipFMC represents an important milestone to offer a more competitive and reliable value proposition to our clients. The agreement will provide a pool of complementary enabling vessels and facilities and a consolidated Reel laying and J-laying technology base. Together we will be able to provide a full service for those challenging developments requiring an ample range of technologies and capabilities. We are very excited with this commercial agreement and with the opportunities that will be released to the benefit of our stakeholders.” -Stefano Porcari, Chief Operating Officer of the E&C Offshore Division, at Saipem The collaboration will have access to a broad range of SURF products and installation methods, providing greater operational flexibility and optimized execution strategies under EPCI (Engineering, Procurement, Construction and Installation) and iEPCITM (integrated Engineering, Procurement, Construction and Installation) project execution models. “We are very pleased to partner with Saipem for the creation of this alliance. Working together with Saipem, we will be well-positioned to efficiently utilize complementary assets and capabilities to create differentiated technical solutions that further optimize project execution. Importantly, the strengthened offering will also expand the potential market for iEPCI™ opportunities when combined with TechnipFMC’s innovative Subsea 2.0™ production systems.” -Jonathan Landes, President, Subsea, at TechnipFMC Stefano Porcari, Chief Operating Officer of the E&C Offshore Division, at Saipem commented: “The SURF commercial agreement with TechnipFMC represents an important milestone to offer a more competitive and reliable value proposition to our clients. The agreement will provide a pool of complementary enabling vessels and facilities and a consolidated Reel laying and J-laying technology base. Together we will be able to provide a full service for those challenging developments requiring an ample range of technologies and capabilities. We are very excited with this commercial agreement and with the opportunities that will be released to the benefit of our stakeholders.” About TechnipFMC TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC. About Saipem Saipem is an advanced technological and engineering platform for the design, construction and operation of safe and sustainable complex infrastructure and plants. Saipem has always been oriented towards technological innovation and is currently committed, alongside its clients, on the frontline of energy transition with increasingly digitalised tools, technologies and processes that were devised from the outset with environmental sustainability in mind. It is listed on the Milan stock exchange and is organised into five business divisions (E&C Offshore, E&C Onshore, Drilling Offshore, Drilling Onshore and XSIGHT for consulting and engineering services in the initial phases of projects). It operates in over 60 countries around the world with 32 thousand employees from 130 different nationalities.

Read More

CONSTRUCTION

Sterling Acquires Petillo, an Industry Leading Specialty Site Development Company

Sterling | January 06, 2022

Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) entered into a Stock Purchase Agreement and closed on the acquisition of Petillo Incorporated and its related operating entities (collectively “Petillo”), on December 30, 2021. Petillo is a leading specialty site development solution provider in the Northeast and Mid-Atlantic. Founded in 1994 by owner and CEO Michael Petillo, Petillo has seen compound revenue growth from 2017 to 2021 of 29% through continued expansion of its geographic footprint “We are excited to welcome the Petillo team, its culture and capabilities into our E-infrastructure solutions sector,Their entrepreneurial spirit focused on delivering customer-centric solutions coupled with their geographic footprint will enable us to service our key blue-chip e-commerce customers up and down the entire East Coast with even more offerings than we had before. Petillo’s capabilities along with our current Plateau capabilities will not only create one of the largest specialty site development companies in the U.S. but will also add broader capabilities and service offerings to both end markets.” -Joe Cutillo, Sterling’s Chief Executive Officer The aggregate consideration of $195 million paid on the Closing Date (the “Base Purchase Price”) consisted of $175 million of cash and 759,447 shares of Sterling common shares valued at $20 million. Additionally, under the purchase agreement, upon the satisfaction of achieving the specified annual operating income growth thresholds, and certain other conditions, the sellers are entitled to earn-out payments not to exceed $20 million over the next five years. The Company also entered into a five-year employment agreement with Michael Petillo, which provides for five equal annual retention payments totaling $15 million. Effective December 29, 2021, Sterling entered into a Third Amendment to it’s Credit Agreement (the “Amendment”) which, among other provisions, increased the Company’s Existing Term Loans through a new incremental $140 million term loan with the same maturity as the Existing Term Loans to fund a portion of the Petillo acquisition. The Amendment was led by BMO Capital Markets Corp, as Joint Lead Arranger and Joint Book Runner, and BMO Harris Bank N.A., as Administrative Agent. The balance of the Base Purchase Price, together with acquisition related costs, was funded from Sterling’s cash balance. Stifel served as exclusive financial advisor and Jones Walker LLP served as legal advisor to Sterling on this transaction. About Sterling Sterling Construction Company, Inc. operates through a variety of subsidiaries within three segments specializing in Heavy Civil, Specialty Services and Residential projects in the United States (the “U.S.”), primarily across the southern U.S., the Rocky Mountain States, California and Hawaii, as well as other areas with strategic construction opportunities. Heavy Civil includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail, water, wastewater and storm drainage systems. Specialty Services projects include site development activities, foundations for multi-family homes, parking structures and other commercial concrete projects. Residential projects include concrete foundations for single-family homes. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society’s quality of life. Caring for our people and communities, our customers and our investors – that is The Sterling Way., customer base and service offerings. Petillo’s 2021 revenues and income from operations are expected to be approximately $212 million and $29 million, respectively.

Read More

ENGINEERING TECH

Inside the Autodesk Laboratories, Where the Future of Construction, from Drones to Holograms, is Being Tested

Autodesk | July 06, 2021

When renovation on a century-old YMCA facility in Beverly, Massachusetts, started, a laser scan of the structure revealed a unique challenge: almost every ceiling in the building was slightly uneven. Reframing the building's walls would need the use of hundreds of various-sized studs. It would be a complicated nightmare to build them on-site. As a result, Windover Construction, the firm in charge of the renovation, sought a technical solution. So they put their laser scan data into an automated steel frame fabrication equipment, which accurately produced light gauge steel studs and panels for the building, collaborating with the New Zealand-based manufacturing firm Howick. The machine also added one important feature. The new studs may telescope, shrinking down to fit more easily into and through the old building's tight spaces and extending out like a shower curtain rod put into position. The telescoping wall stud is only one of the construction innovations created in a unique new multidisciplinary initiative sponsored by Autodesk, the creator of the industry-standard architectural design tool AutoCAD. Autodesk has established a residency program for businesses trying to utilize new technologies to address design and construction issues via its Technology Centers. Windover and Howick got together due to the program, recognizing that one had technology that could solve the other's issue. The building business is currently a low-tech affair. Regardless of the fancy design tools and advanced building information modeling systems used by architects and engineers, once a project is under construction, it is thrown into a decentralized world of general contractors who source materials, hire workers, and build projects according to their formulas. In the business, best practices are often based on what each contractor has done in the past. A more systematic approach to construction that uses technology is still a notion rather than a reality. The Technology Centers, situated in Autodesk locations in San Francisco, Boston, Toronto, and Birmingham, England, are similar to large fabrication laboratories where firms and researchers attempt to discover new production techniques to solve construction industry problems. The facilities, which opened in 2018, include CNC metalworking equipment, 3D printers, water jet cutting systems, 5-axis robotic arms, and laboratories where composite materials, glass, and ceramics can be used to create new components and tools. In addition, Autodesk provides residencies ranging from two weeks to two years, providing space and resources for startups, academia, and established industry players to explore new ideas and develop novel ways to design and construct. A team of students from the University of Southern California recently used the Boston Technology Center to robotically build an intricate steel pedestrian bridge that now crosses a ravine in Los Angeles. The pandemic prompted Autodesk to shut its Technology Centers, but Rundell said they would return gradually starting this month. In any case, the closure of the centers had little effect on the collaboration. Autodesk converted the residency program to a virtual version, allowing businesses to meet and work online. As a result, more companies showed interest in participating because they did not have to go to one of the Technology Centers or give up billable hours. The network of the residency program now includes about 160 companies and organizations. Windover Construction has utilized the network to find additional construction solutions, including a collaboration with Fologram, an Australian mixed reality company. As a result, Windover reduced that part of the project's schedule by 70% by using Microsoft HoloLens goggles and Fologram's mixed reality technology to direct the assembly of hundreds of roof trusses for a building project.

Read More