diff --git a/modules/openvino_code/package-lock.json b/modules/openvino_code/package-lock.json
index a438faa43..a169ec015 100644
--- a/modules/openvino_code/package-lock.json
+++ b/modules/openvino_code/package-lock.json
@@ -1,12 +1,12 @@
 {
   "name": "openvino-code-completion",
-  "version": "0.0.14",
+  "version": "0.0.16",
   "lockfileVersion": 3,
   "requires": true,
   "packages": {
     "": {
       "name": "openvino-code-completion",
-      "version": "0.0.14",
+      "version": "0.0.16",
       "license": "https://github.com/openvinotoolkit/openvino_contrib/blob/master/LICENSE",
       "workspaces": [
         "side-panel-ui"
@@ -7384,10 +7384,11 @@
       "dev": true
     },
     "node_modules/vite": {
-      "version": "4.5.2",
-      "resolved": "https://registry.npmjs.org/vite/-/vite-4.5.2.tgz",
-      "integrity": "sha512-tBCZBNSBbHQkaGyhGCDUGqeo2ph8Fstyp6FMSvTtsXeZSPpSMGlviAOav2hxVTqFcx8Hj/twtWKsMJXNY0xI8w==",
+      "version": "4.5.3",
+      "resolved": "https://registry.npmjs.org/vite/-/vite-4.5.3.tgz",
+      "integrity": "sha512-kQL23kMeX92v3ph7IauVkXkikdDRsYMGTVl5KY2E9OY4ONLvkHf04MDTbnfo6NKxZiDLWzVpP5oTa8hQD8U3dg==",
       "dev": true,
+      "peer": true,
       "dependencies": {
         "esbuild": "^0.18.10",
         "postcss": "^8.4.27",
@@ -7917,7 +7918,7 @@
         "eslint-plugin-react-hooks": "4.6.0",
         "eslint-plugin-react-refresh": "0.4.3",
         "rollup-plugin-copy": "3.4.0",
-        "vite": "4.5.2"
+        "vite": "^4.5.3"
       }
     }
   }
diff --git a/modules/openvino_code/package.json b/modules/openvino_code/package.json
index 1950e30fd..4c52a6e07 100644
--- a/modules/openvino_code/package.json
+++ b/modules/openvino_code/package.json
@@ -1,7 +1,7 @@
 {
   "publisher": "OpenVINO",
   "name": "openvino-code-completion",
-  "version": "0.0.14",
+  "version": "0.0.16",
   "displayName": "OpenVINO Code Completion",
   "description": "VSCode extension for AI code completion with OpenVINO",
   "icon": "media/logo.png",
diff --git a/modules/openvino_code/server/pyproject.toml b/modules/openvino_code/server/pyproject.toml
index 232ca9869..f1e49ea36 100644
--- a/modules/openvino_code/server/pyproject.toml
+++ b/modules/openvino_code/server/pyproject.toml
@@ -11,9 +11,9 @@ dependencies = [
     'torch @ https://download.pytorch.org/whl/cpu-cxx11-abi/torch-2.0.1%2Bcpu.cxx11.abi-cp310-cp310-linux_x86_64.whl ; sys_platform=="linux" and python_version == "3.10"',
     'torch @ https://download.pytorch.org/whl/cpu-cxx11-abi/torch-2.0.1%2Bcpu.cxx11.abi-cp311-cp311-linux_x86_64.whl ; sys_platform=="linux" and python_version == "3.11"',
     'torch ; sys_platform != "linux"',
-    'openvino==2024.0.0',
+    'openvino==2024.1.0',
     'transformers==4.36.0',
-    'optimum==1.17.1',
+    'optimum==1.19.1',
     'optimum-intel[openvino]==1.15.0',
 ]
 
diff --git a/modules/openvino_code/shared/model.ts b/modules/openvino_code/shared/model.ts
index c85e81064..47bdc5e7d 100644
--- a/modules/openvino_code/shared/model.ts
+++ b/modules/openvino_code/shared/model.ts
@@ -5,7 +5,7 @@ enum ModelId {
   DECICODER_1B_OPENVINO_INT8 = 'chgk13/decicoder-1b-openvino-int8',
   STABLECODE_COMPLETION_ALPHA_3B_4K_OPENVINO_INT8 = 'chgk13/stablecode-completion-alpha-3b-4k-openvino-int8',
   DEEPSEEK_CODER_1_3B = 'kumarijy/deepseek-code-1.3b_base_ov_int8',
-  PHI_2_2_7B = 'kumarijy/phi-2-2.7b_ov_int8',
+  PHI_2_2_7B = 'kumarijy/phi-2-openvino',
 }
 
 export enum ModelName {
diff --git a/modules/openvino_code/side-panel-ui/package.json b/modules/openvino_code/side-panel-ui/package.json
index 389485c39..d31cbe4a7 100644
--- a/modules/openvino_code/side-panel-ui/package.json
+++ b/modules/openvino_code/side-panel-ui/package.json
@@ -23,6 +23,6 @@
     "eslint-plugin-react-hooks": "4.6.0",
     "eslint-plugin-react-refresh": "0.4.3",
     "rollup-plugin-copy": "3.4.0",
-    "vite": "4.5.2"
+    "vite": "^4.5.3"
   }
 }