Gilbert-based startup Nx has raised a new multimillion-dollar round of funding to expand its flagship product that helps software developers for companies manage their codebases.
Nx closed a $16 million series A funding round led by Menlo Park, California-based venture capital firms Nexus Venture Partners and Andreessen Horowitz, also known as a16z.
The company will use the fresh infusion of capital for research and development, increasing its sales team and boosting capabilities for Nx Cloud, a commercial cloud-based tool for enterprise-scale JavaScript monorepo management. A monorepo is a single code repository that contains multiple projects.
“We’ve been building new capabilities in our Nx Cloud product that are going to be a lot more competitive in the continuous tool integration space,” Jeff Cross, co-founder and CEO of Nx, said.
Nx has nearly 40 employees worldwide with four based in Gilbert. It plans to hire additional account executives and engineers within the next 12 months, Cross said.
From Google to Nx
Cross founded Nx — formerly known as Narwhal Technologies Inc. — with Victor Savkin in 2016.
Prior to launching Nx, Cross and Savkin worked at Google on a team that oversaw the tech giant’s Angular framework for building web apps.
The two co-founders noticed a difference in how enterprise companies were building software compared with Google. That led them to release an open-source toolkit, Nx, which enabled monorepo development tools for large software teams. Since then, the toolkit has grown to more than 12 million downloads per month, according to the company.
“We first launched it in 2017, and that turned into a whole business consulting around the Nx tool,” Cross said. “Last year, we raised venture funding for the first time after we got traction for our cloud product. We cut out the consulting business and went all in on building an enterprise offering and the cloud product, and that’s been driving our growth.”
In November 2022, Nx closed an $8.6 million seed round from Nexus Venture Partners and a16z with participation from other angel investors to scale growth of its Nx Cloud and Nx Enterprise products.
Cross declined to disclose Nx’s annual growth percentage nor revenue, but said the company is on track to triple its enterprise contracts by the fourth quarter.
The company's client base includes banks and Fortune 500 companies, he added.
“We make every team move faster and that’s what drives us," he said. "We are the leading tool of our kind by a big margin.”
