Argentine software startup Vercel – a specialist in providing platforms for creating cloud-based web applications – is ready to develop a new AI product having raised $250 million in a Series E funding round.
This latest round brings Vercel’s valuation to $3.25 billion.
The round was led by Accel, with participation from existing investors CRV, GV, Notable Capital, Bedrock, Geodesic Capital, Tiger Global, 8VC and SV Angel.
Vercel recently reported surpassing $100 million in annual revenue with more than one million developers use its Next.js open-source framework technology monthly.
The $250 million will help Vercel develop a new product called v0 – leveraging generative AI to create user interfaces from text descriptions.
Additionally, Vercel plans to enhance its security products.
Vercel’s client roster ranges from major brands like Under Armour to startups such as Perplexity and OpenAI.
The company aims to continue expanding its influence in the web development sector, focusing on improving e-commerce sites and media platforms.
Vercel CEO Guillermo Rauch is recognized as one of the most influential figures in web development. He was an early investor in Auth0, another Argentine unicorn, which was sold for $6.5 billion.
Rauch also invested in Coder House, a virtual course platform.
Stressing his belief in the innovative potential of Argentine talent, Rauch urged aspiring developers to seize the moment.
“Argentines will continue to create innovative companies. Our talent is undeniable. Now is the time to program and design great things,” he said.
