Replit Inc., a startup with an artificial intelligence platform that speeds up application development, has raised $250 million in new funding.

Prysm Capital led the investment with contributions from more than a half-dozen other backers. Google LLC’s AI Futures fund, Y Combinator and Coatue were among the participants. Replit disclosed in its announcement today that it’s now valued at $3 billion.

Replit’s platform enables users to create applications by entering prompts into a chatbot-like interface. A salesperson, for example, could build a tool that ranks leads based on their likelihood of turning into paying customers. A help desk team can create a user-facing knowledge base that answers common support questions.

Replit generates applications in two steps. First, its AI models create a basic prototype in about 10 minutes. It then allows customers to specify if any changes are required and uses the feedback to generate a production-ready application.

Until now, the AI engine that powers Replit spent up to 20 minutes turning users’ prototype applications into fully functioning software. The company today debuted a new version of the engine that can run 10 times longer. In many cases, enabling an AI model to spend more time on a task increases the quality of its output.

Agent3, as Replit’s new AI engine is called, also includes other enhancements. One of the feature additions enables users to create custom automation tools. A marketing team, for example, could build a chatbot that can fetch ad performance information from an external database. 

A new mode called App Testing enables Agent3 to check the applications it creates for bugs. It searches for technical issues by launching the application in a browser and simulating user interactions. According to Replit, Agent3 automatically fixes any bugs it finds.

Users can also have the platform check their applications for cybersecurity issues. Replit spots code vulnerabilities, as well as application secrets such as login credentials that may be stored in an insecure manner. The company’s platform includes a tool that can store secrets in an encrypted format.

The platform is available in a free version and three paid editions that include additional features. The most advanced tier, the Enterprise plan, offers controls that enable administrators to centrally manage employee accounts. There’s also single sign-on support and a feature called Viewer Seats that makes it possible to give users read-only access to applications.

The company disclosed today that its platform is generating $150 million in annualized revenue. That’s up from $2.8 million a year ago. It says its customer base includes Anthropic PBC, Coinbase Inc., Zillow Group Inc. and other major tech firms.

Replit will use its newly raised capital to build new features and accelerate go-to-market initiatives. 

Image: Replit