With each of our innovator stories, we get a chance to meet the people behind EU-funded ideas, which have the potential to change our future for the better.
For this edition, we had a talk with Manuel Arenaz, CEO and co-founder of Codee. The Spanish startup developed a new automatic code inspection platform specialised in performance for time-critical C/C++/Fortran applications.
Codee has received around €600k from the Horizon 2020 programme. In September 2023, they raised 5M€ in a financing round led by Swanlaab and joined by Caixa Capital Risc, Unirisco, Xesgalicia, Armilar Venture Partners, and KFund.
Tell us more about yourself and your work?
I am Manuel Arenaz, CEO and co-founder of Codee. We founded Codee with the aim to achieve R&D results demonstrating the technical feasibility of a new disruptive technology for code inspection analysis. We observed that the complexity of software development was poised to skyrocket due to the rapid evolution of the hardware industry and that the bottleneck would be in the software to fully harness its computing power. Thus, we identified a business opportunity in the market that called for new solutions in software development for modern hardware.
Now, Codee is pioneering a groundbreaking innovation in the code analysis space by introducing ‘Performance’ as a novel category, thereby expanding and enhancing the existing landscape of Quality, Security, and Compliance in code review and inspection.
What problem is your product solving and what makes its solution unique?
As software complexity and velocity continue to grow rapidly, the adoption of automated code testing tools is key for many companies to deliver high-quality products and defend their competitive advantage. The need for enhanced performance is on the rise, leading developers to demand new cutting-edge tools for automated code testing that extend beyond the realms of bug detection, and enforcement of compliance with coding standards and security, typically associated with popular DevSecOps initiatives.
For the first time, Codee’s solution for automated code testing specialised in performance enables “shifting left” the detection of performance issues early in the software development life cycle, saving hours of developer time at the testing and coding stages. Codee achieves this using its innovative Codee Core Engine, a technology leap from the LLVM Intermediate Representation, to extract conceptual features from the source code and implement code checkers that automate the rules of the Open Catalog of Best Practices for Performance. Codee also provides innovative Coding Assistant capabilities to fix the performance issues of the source code.
What’s the biggest impact EU-funding has had on your journey so far, and can you specify an outcome?
The biggest impact of EU funding on our journey thus far has been the significant financial support that allowed the maturation of our product across various technology readiness levels. Specifically, we have received approximately €600k in total from the MAESTRO, EPEEC, and OPTIMA projects. This funding, in conjunction with private investment, played a crucial role in evolving our product to the stage where we were ready for the first commercial launch in October 2021. The result of this funding extends beyond successful product development; it also entails the validation of our technology, empowering us to confidently enter the market.
We want to congratulate you on your recent fundraising achievement! What will you do with the secured investment?
Thanks! Codee raised 5M€ in September 2023, led by Swanlaab, joined by previous round investors, Caixa Capital Risc, Unirisco, Xesgalicia, Armilar Venture Partners, and KFund. The funding is allowing us to grow and nurture our customer base, hire new talent, as well as continue building the Codee platform for automated code testing specialised in performance. Codee is extending support for the C++ and Fortran programming languages, as well as for the Arm and RISC-V ecosystems. Codee is automating new checkers, in cooperation with the developers’ community to extend the Open Catalog of Best Practices for Performance.
Closing this round of investment successfully has already contributed to improving the confidence and trust of our customers and prospects in Automotive, Medical, Electronics, Renewable Energies and High Performance Computing in the United States, Saudi Arabia, Australia and Europe.
What was the biggest challenge in your fundraising journey so far and how did you overcome it?
In our experience, gaining access to venture capital funding is a challenging process; it is not straightforward. It demands thorough preparation, consuming a significant amount of time and effort on the part of the company founders. Moreover, having a robust business plan and a compelling, unique value proposition is crucial to attract the right investors.
As a founder of a deeptech company, our most significant fundraising challenge is demonstrating the value and investment return potential of inherently complex and long-term technologies. The very nature of Deep Tech startups, often rooted in disruptive technologies, means our products and solutions may not be immediately understandable to traditional investors accustomed to business models with quicker returns.
We concentrated our efforts on identifying investors who operate within our space and have a track record of success with deeptech companies. This targeted approach not only helps us find the right partners who understand the potential of our work but also allows us to build relationships with investors who are more likely to appreciate the long-term impact and value of our innovations.
How do you see Codee making a difference in the future?
Today, software is around us in a myriad of services and products, and code complexity is rapidly growing. At Codee we foresee a bright future as we keep evolving our solutions to automate manual time-consuming tasks, empowering developers to provide more efficient code and helping companies to shorten the time-to-market while achieving the highest levels of quality for the end users.
Tell us your opinion on your experience with Dealflow.eu services. Why was it important for you?
In 2020, Codee participated in the Innovation Radar Prize, with Dealflow.eu offering valuable guidance on optimising our pitch, and Codee won the ‘Innovative Science’ prize!
Subsequently, Dealflow.eu extended a customised support programme to assist the winners in bringing the innovations to market and securing investment.
What is the next key milestone on your company’s roadmap?
The next key milestone for our company involves expanding our customer base and establishing strategic partnerships to enhance commercialisation. We aim to grow our team with talent that brings fresh perspectives and strengthens our capabilities, ensuring we can meet the evolving demands of our market. Additionally, we are focused on maturing our product based on customer feedback, which will involve refining features and ensuring our solutions more closely align with the needs of our users. This milestone is critical for scaling our operations and solidifying our position in the market, as we leverage customer insights and strategic collaborations to drive innovation and growth.
Article published by EurA AG.
About Innovator Spotlight Stories
The aim of innovator stories is to highlight and share with investors and relevant stakeholders in the industry, insights, and unique stories from some of the most innovative EU-funded project that Dealflow.eu is proud to support.
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