Factory, the creators of enterprise-ready AI coding agents, today announced that Madison Faulkner has joined the company as Head of Strategy. Faulkner, a Partner at New Enterprise Associates (NEA), has worked closely with Factory since joining the Company's board in conjunction with NEA leading its $50 million Series B. Her move from investor to operator reflects the depth of conviction she developed working alongside the Factory team – and the opportunity she sees ahead. Partner and Head of AI Strategy at NEA, Lila Tretikov, who has worked closely with Factory since NEA's initial investment, will assume the board seat.
Madison Faulkner joins Factory as Head of Strategy from NEA Partner role.
Lila Tretikov (NEA Partner, Head of AI Strategy) joins Factory board.
Factory closed 150millionSeriesCledbyKhoslaVenturesat1.5 billion valuation in April 2026.
Doubled revenue month over month for past six months.
Customers include Morgan Stanley, Revolut, RBC, EY, Palo Alto Networks, and Adyen.
Founded in 2023; investors include Khosla Ventures, Sequoia Capital, NEA, Nvidia, J.P. Morgan, Insight Partners, and Blackstone.
"The best thing about Madison and Lila is that neither of them needs the problem explained," said Matan Grinberg, co-founder and CEO of Factory. "They've both built AI systems, led engineering teams, and watched enterprises struggle with the same infrastructure problems we're solving. Madison believed in what we were building so deeply that joining the team full-time was the only logical next step. And having Lila step into that board seat means we're gaining someone who has operated at a scale companies like ours aspire to."
"For more than two years together at NEA, Lila and I were deeply focused on where AI infrastructure was going and where the gaps were," said Faulkner. "Factory was the clearest answer I found to a problem I've seen since my engineering days: developers buried in maintenance work they didn't create and couldn't escape. That conviction compelled me to join Factory – backing them was never going to be enough, I wanted to help build it and be a part of its magic. I couldn't be more excited that Lila is joining the board. She was part of building this thesis from the beginning, and Factory is getting one of the sharpest minds in enterprise AI at exactly the right moment."
"Madison and I have been thinking about this space together at NEA for two years, so in some ways this feels like a continuation of the same conversation," said Tretikov. "She's going to go build the thing we kept talking about, and I get to be part of that journey as a board member. What Factory has built – agents that work across the real complexity of enterprise engineering – is exactly what the industry needs. At NEA, we talk about conviction, and Madison joining Factory is the clearest expression of that. She's staying in the NEA family, and we couldn't be more proud to continue backing this company and this team."
Faulkner brings deep applied machine learning expertise, having worked as an engineer at Meta and Head of Data Science and AI at Thrasio. Tretikov brings executive leadership forged at Microsoft, where she served as Corporate Vice President and Deputy CTO and as CEO of Wikimedia Foundation. She studied computer science and AI at UC Berkeley, and Forbes has named her one of the world's 100 most powerful women.
Founded in 2023 by Matan Grinberg and Eno Reyes, Factory's AI agents, called Droids, handle complete tasks across the software development lifecycle – migrations, refactors, automated testing, code review, documentation, and incident response – inside the tools engineers already use. Customers include Morgan Stanley, Revolut, RBC, EY, Palo Alto Networks, and Adyen. The company closed a $150 million Series C led by Khosla Ventures with continued participation from NEA in April 2026 at a $1.5 billion valuation and has doubled revenue month over month for the past six months.
About Factory
Factory builds AI agents, called Droids, for enterprise engineering teams. Droids handle complete tasks across the software development lifecycle – migrations, refactors, testing, code review, documentation, and incident response – inside the tools developers already use. The platform works across models and interfaces. Factory was founded in 2023 by Matan Grinberg and Eno Reyes and is headquartered in San Francisco. Investors include Khosla Ventures, Sequoia Capital, NEA, Nvidia, J.P. Morgan, Insight Partners, and Blackstone.
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