According to monitoring by Dongcha Beating, AI document generation and maintenance platform Mintlify has completed a $45 million Series B funding round, achieving a valuation of $500 million. The round was co-led by a16z and Salesforce Ventures, with participation from Bain Capital Ventures, Y Combinator, DST Global, among others, bringing total funding to $67 million. Mintlify uses AI to generate technical documentation directly from code, automatically synchronizing content during product updates. The platform currently serves over 20,000 companies, including clients such as Anthropic (for Claude Code documentation), PayPal, Coinbase, Microsoft, and Amazon. The company was founded in late 2022 by Cornell University alumni Han Wang (Co-founder and CEO) and Hahnbee Lee (Co-founder), having undergone eight product pivots to define its direction. By early 2026, revenue is expected to reach the tens of millions, primarily from usage-based premium features like AI Q&A bots embedded in client websites. A data point provided by Wang illustrates why the company has achieved a $500 million valuation: nearly 50% of all client document traffic comes from AI agents rather than humans. AI agents do not learn about products from marketing pages but understand what the product can do, how to call it, and how to interact with it through documentation. In Wang's words, 'If you can't explain how to use the product well, it's as if the product doesn't exist.' Documentation, which was once the least favored task for developers, is now becoming the infrastructure for whether a product can be discovered and used by AI. Mintlify's next step is to expand from public technical documentation to internal corporate knowledge bases, following the same logic: internal AI tools also rely on structured knowledge sources, and if the underlying knowledge is fragmented or outdated, the answers provided by agents will be incorrect.