Sequoia Backs AI Startup That Automates Engineering Tasks

A little over a year ago, Matan Grinberg was studying string theory for his physics Ph.D. Now, he’s a dropout with an AI startup valued at more than $100 million by investors such as Sequoia Capital.

Grinberg is set to announce Tuesday that he has raised $15 million from Sequoia and other investors for Factory, a startup using AI to help businesses streamline coding tasks. To date, Factory has raised a total of $20 million, with other backers including Lux Capital and the chief executive officers of Hugging Face and Databricks Inc., as well as Los Angeles musical duo the Chainsmokers, through their venture arm. ...