Builder.ai, the AI startup has raised $100 million in a Series C funding round from Insight Partners.
Other institutional investors and existing investors Jungle Ventures also participated in this round. With this round, the total funding raised by Builder.ai now stands at $195 million.
The company will use the funds to enhance its AI and automation capabilities, develop its proprietary low-code/no-code platform, and for large-scale product development.
London and Los Angeles-based startup was founded in 2016 by Sachin Dev Duggal, Builder.ai makes software and apps that are up to 6x faster and about 70 percent cheaper than other methods.
“We believe that everyone, every business should be empowered to unlock their human potential, whether it’s creating new ideas or digitally transforming their business, and because of this, our choice of investor for this round was very deliberate; we wanted someone who had deep insight and immense courage to let us think and do differently”, said, Sachin Dev Duggal, Co-founder of Builder.ai.
The startup claims to have grown its revenue by over 300 percent in the past year and has deployed over 40,000 facilities.
“Builder.ai has spearheaded a new category in the low-code/no-code industry with an innovative business model and clarity of vision, fueling its 300 percent growth in the last year. By truly democratising access to complex software, Builder.ai is set to disrupt the core of how applications are built.”, said, Jeff Horing, Managing Director of Insight Partners.
“Organizations today, more than ever, are in need to be changing, innovating, and deploying new ideas fast. This requires a stable but agile software development platform that can leverage innovative technologies such as AI and low-code/no-code to enable rapid digital transformation and create real-time impact for stakeholders”, said, Amit Anand, Founding Partner of Jungle Ventures.
The startup will remain focused on pushing the boundaries both technologically and in the marketplace. This includes knowledge graph-driven code synthesis or expansion to cities in the continental United States, Asia Pacific, MENA, and the United Kingdom.
