(Reuters) -Open-source database startup Supabase said on Friday it has secured a valuation of $5 billion in its latest funding round, as investors continue to back companies riding the wave of the artificial intelligence boom.

The $100 million Series E funding was led by venture capital firms Accel and Peak XV. Figma Ventures and other investors also participated in the round.

Supabase is a backend platform that helps developers build applications quickly and has benefited from the rise in AI-powered coding assistants.

The platform is built on the PostgreSQL open-source database, a system for organizing and managing information online.

The latest capital-raise comes just months after Supabase’s Series D round, which reportedly valued it at $2 billion.

Venture capital activity in the A

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