Augment, a startup developing an AI-powered platform similar to GitHub's Copilot, has launched out of stealth valued at nearly $1 billion.

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Augment, a coding platform backed by Eric Schmidt, has launched with $252 million in funding. The platform aims to improve software quality and team productivity through the use of AI. With competition from tech giants and other coding assistant startups, Augment faces challenges in the industry. The company plans to use standard software-as-a-service subscriptions as its revenue model.

Eric Schmidt-backed Augment, a GitHub Copilot rival, launches out of stealth with $252M