Coframe Raises $25M Series A to Build the “Living Internet,” Co-Led by Khosla Ventures and Hanabi Capital

What if two people could visit the same website and see different pages, and those pages got better every day? Most companies still rewrite their sites every quarter or two, and a single A/B test can tie up engineering, design and QA for weeks. Coframe, which wants to break that speed limit with AI agents, has raised a $25 million Series A.

Agents that build, test and deploy variations

Coframe plugs into a company’s website or ad campaigns and keeps generating, testing and deploying new variations. It personalizes what each visitor sees and improves performance in real time. The company calls the idea the “living internet,” with apps, email and other digital experiences next on the roadmap.

Two things sit behind it: a specialized transformer model trained on user interactions, and a team of AI agents acting as a strategist, designer, software engineer, QA specialist and data scientist. They can ideate, build, test and optimize hundreds of site and ad variations in minutes. The company says the model learns from how people move through digital experiences across hundreds of millions of sessions a month.

Coframe says it has generated more than $300 million in incremental revenue for customers. Conversion rose 158% for Dropbox, 410% for Replit and 60% for Cash App, it says, and one Fortune 500 customer saw a 70% lift within 30 days of signing. Across customers including Dropbox, BCG, Block, Backcountry and Sur La Table, conversion improved more than 20% on average. At Dropbox, an experiment that used to take four weeks of engineering, design and QA was built and deployed in 30 minutes. Across thousands of variants the platform has a 39% experiment win rate, more than three times the industry average, while customers’ testing velocity rose tenfold or more. These figures come from the company and have not been independently verified.

Coframe is also preparing for a web where more traffic comes from AI agents that research, compare and buy for people. It is working with OpenAI on ChatGPT ads so customers can optimize the ad and landing page as one learning experience, building on an earlier partnership on training a specialized model for on-brand code and creative assets. It is also building agent best practices into every site it creates.

From a $2 billion company with Tom Brady to websites

Founder and CEO Josh Payne studied mathematics and computer science with a focus on AI at Stanford and dropped out of the master’s and MBA programs. He previously co-founded Autograph, a digital collectibles company, with Tom Brady, and it reached a valuation of more than $2 billion. He also created GPT-Migrate, an early autonomous coding agent that the company says became the top-ranked project on GitHub globally. He founded Coframe in 2023.

Co-founder Pavlo Razumovskyi is VP of Engineering. Coframe has also acquired companies founded by two early Optimizely executives, who now lead go-to-market and revenue optimization.

$25M Series A, $35M in total

Coframe said on Nov. 9 it has raised $35 million in total, including a $25 million Series A. Khosla Ventures and Hanabi Capital co-led, with participation from leaders at OpenAI, Anthropic and Google DeepMind. Coframe also lists Nat Friedman and Antler as backers. According to press reports, it raised about $9.3 million in seed funding in October 2024, co-led by Khosla Ventures and NFDG.

Vinod Khosla, founder of Khosla Ventures, said the web has been frozen in place for decades, showing every visitor essentially the same page, and that Coframe is building a living internet where two people can visit the same site and have completely different experiences. He called it a huge leap beyond traditional A/B testing. Payne said a digital experience should understand what it is trying to accomplish, adapt to the person using it and learn from every result, so companies don’t wait months for the next redesign.

Competitors

The market for website experimentation and personalization has established players. Optimizely has long led in A/B testing and digital experience optimization. Statsig, a product experimentation platform, was bought by OpenAI for $1.1 billion.

On the marketing message side, agent-based companies are moving in. JustAI personalizes, tests and optimizes customer messaging and raised a Series A in June. Hightouch puts marketing agents on top of a company’s data warehouse, passed $100 million in annual recurring revenue and raised a $150 million Series D in May.