Factory company profile: valuation, funding & revenue

This Factory company profile covers the company's valuation, revenue, funding rounds, investors and history. Factory works in artificial intelligence, with a focus on AI software engineering agents. It was founded in 2023 and is headquartered in San Francisco, California, United States. Its latest valuation on record is US$1.5 billion (post-money, Series C) (April 2026). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

Factory timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2023 — Factory is founded in San Francisco by Matan Grinberg (CEO) and Eno Reyes.
• Apr 2026 — Series C: US$150M, valuing the company at US$1.5B (post-money). Investors: Khosla Ventures (lead).
• Jul 2026 (reported) — Series C-2: US$120M (reported), valuing the company at About US$4B (reported). Investors: Not confirmed.
• Sep 2026 (reported) — Growth round: US$200M (reported), valuing the company at About US$5B (reported). Investors: Not confirmed.
• September 2026 — Reported later valuations: Series C-2 at about US$4 billion (July) and US$200 million at about US$5 billion (September), not confirmed by the company.
• August 2026 — Blackstone talks (reported): Weighing an investment valuing Factory above US$3.5 billion.

Investors

Factory is a San Francisco startup building AI agents, which it calls Droids, that write, review and maintain software for large companies. It raised a US$150 million Series C at a US$1.5 billion valuation in April 2026, led by Khosla Ventures, and was then reported to have raised twice more at about US$4 billion and US$5 billion within months. This profile separates confirmed from reported figures and explains Factory's product, customers and competition in AI coding.

Factory's valuation: confirmed and reported

The best-documented figure is the April 2026 Series C: US$150 million at a US$1.5 billion post-money valuation, led by Khosla Ventures, according to Techleap. After that, reports describe a rapid series of increases:

• A US$120 million Series C-2 extension at about US$4 billion in July 2026, and a US$200 million round at about US$5 billion in September, according to Crypto Briefing.
• In August 2026 City AM reported that Blackstone was weighing an investment valuing Factory above US$3.5 billion.

The company has not confirmed the later valuations, so our profile uses US$1.5 billion as the latest confirmed figure and labels the higher numbers as reported. Even the reported figures would make Factory one of the fastest-rising AI companies of 2026, a sign of how much investors value enterprise AI coding.

What Factory's Droids do

Factory's agents are designed for software engineering work inside large organisations, not just writing new code from a prompt. A Droid can take a ticket from a project tracker, read the relevant parts of a codebase, plan changes, write code, run tests, open a pull request and respond to review comments. Other Droids handle code review, documentation, incident response and migrations, such as upgrading old frameworks across a large codebase.

The product connects to the tools developers already use, including GitHub, GitLab, Jira, Slack and observability systems, and can run in the command line, in an IDE or in the background. Factory emphasises enterprise needs: security, audit logs, controls over what agents can change, and the ability to work across many repositories at once. It lets customers choose among AI models from different providers.

Customers and growth

Factory sells mainly to large enterprises and fast-growing technology companies. The company has said revenue grew very quickly in 2026, doubling month after month for a period, according to Sacra, though outside estimates vary and Factory has not published figures. Enterprise AI coding budgets are large because engineering salaries are a major cost and even modest productivity gains are valuable.

Founders

Matan Grinberg, the chief executive, and Eno Reyes founded Factory in 2023. Grinberg studied theoretical physics before turning to AI, and Reyes has a background in machine learning engineering. They started the company with a focus on autonomous agents at a time when most AI coding tools were autocomplete assistants.

Competitive landscape

AI coding is one of the most competitive areas in AI. Factory competes with Cognition, maker of Devin and owner of Windsurf; with Cursor, which SpaceX agreed to acquire in 2026; with GitHub Copilot from Microsoft; with coding agents from OpenAI, Anthropic and Google; and with tools such as Replit and Lovable aimed at building whole apps. Factory's angle is autonomous agents for enterprise engineering teams. See our guides to vibe coding companies and AI agent companies.

Risks

• Model providers as competitors: the companies that supply AI models also sell coding agents.
• Pricing pressure: many tools compete for the same developer budgets.
• Reliability: agents that make mistakes in production code can cause costly incidents.
• Valuation uncertainty: reported figures range from US$1.5 billion to about US$5 billion.

Questions to ask

• What is Factory's annual recurring revenue, and how concentrated is it?
• What share of Droid-created pull requests are merged without major changes?
• How does pricing compare with Copilot, Cursor and Devin?
• Have the July and September rounds closed, and on what terms?

Timeline in brief

• 2023: founded by Matan Grinberg and Eno Reyes.
• 2024: Series A led by Sequoia (reported).
• April 2026: US$150 million Series C at US$1.5 billion led by Khosla.
• July 2026: reported Series C-2 at about US$4 billion.
• September 2026: reported US$200 million round at about US$5 billion.

Factory at a glance

Factory is a San Francisco AI company founded in 2023 by Matan Grinberg and Eno Reyes that builds autonomous coding agents, called Droids, for enterprise software teams. It raised a US$150 million Series C at a US$1.5 billion valuation in April 2026, led by Khosla Ventures, its latest confirmed figure. Reports later described rounds at about US$4 billion and US$5 billion, which the company has not confirmed.

Why enterprises buy coding agents

Large companies spend heavily on software engineers, and much of that time goes to maintenance: fixing bugs, updating dependencies, migrating code to new frameworks and responding to incidents. Coding agents promise to take on that work, freeing engineers for new features. Enterprises also have strict requirements that consumer-oriented coding tools may not meet, including security reviews, data-handling rules, audit trails and the ability to work across very large, old codebases. Factory's focus on those needs is why it sells mainly to large companies.

What to watch

Watch for official confirmation of the later rounds, revenue disclosures, large enterprise contracts and consolidation in AI coding after the Cursor deal.

Takeaways

Factory is betting that enterprises will hand whole engineering tasks to autonomous agents. Its rapid reported revaluations show strong investor belief in that future; confirmed numbers will show how much of it is real revenue.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. Techleap
2. Crypto Briefing
3. City AM