Blitzy raises $200M at $1.4B for enterprise AI coding

The round was announced on May 5, 2026, from Cambridge, Massachusetts. New backers PSG, Battery Ventures, Jump Capital, Morgan Creek Digital Assets and Defiant joined existing investors Flybridge, Link Ventures, NFX, Picus Capital and Venture Guides. Strategic money came from Liberty Mutual Strategic Ventures, Erie Strategic Ventures and BAL Ventures. Headcount has more than doubled over six months, and the capital is earmarked for research hiring and go-to-market expansion. The company plans to push further into government, financial services and insurance. Blitzy's pitch is that frontier models alone cannot produce production-ready code at enterprise scale. Its platform builds a knowledge graph of a customer's codebase, then coordinates thousands of agents running in parallel for days or weeks. The company reports a 66.5% score on SWE-Bench Pro and an average 5x gain in engineering velocity. Both figures are company claims. Its first round was a $4M seed in September 2024. For founders, the round shows investors will pay for AI coding aimed at legacy modernization, not only at individual developer tools like Cursor. Strategic backing from insurers also shows how regulated buyers can become investors and early customers at once. Large accounts may support recurring revenue but bring longer sales cycles and heavier implementation work. Benchmark scores and velocity claims will need customer-verified results to support the valuation.