Friday, May 20, 2022
HomeInsightFunding Alert Locofy.ai raises $3 mn in funding from Accel, January Capital

[Funding alert] Locofy.ai raises $3 mn in funding from Accel, January Capital

Locofy.ai
Locofy.ai

Enterprise software firm Locofy.ai has raised $3 million in a funding round led by Accel, January Capital, Golden Gate Ventures, Boldcap.

Many investors and founders from tech companies like Ola, Hasura, Holistics, Ohmyhome, CyberSierra, Wego, GajiGesa, 1Bstories, and Canva’s ex-Head of Growth also participated in this round.

The company plans to use the funds to scale the engineering and data, science teams.

Honey Mittal, co-founder, and CEO, Locofy.ai, said, “Over took an army of good developers to build world-class products like Airbnb and Uber. We believe that will look very different in the next decade.”

Singapore-based software firm was founded in 2021 by Honey Mittal and Sohaib Muhammad, Locofy.ai helps engineers and designers launch products 2-3x faster with low code.

“It takes an enormous amount of time and bandwidth of the frontend team to translate sparkling designs into precise code. Locofy.ai will solve this problem by providing high-quality translation and provide flexibility for dynamic variables,” said Abhinav Chaturvedi, partner, Accel India.

The company aims to address the global shortage of tech talent through its low-code development tools. Recently Locofy.ai has opened its beta program globally and already automated over two million lines of code.

According to the company, the lack of good technical talent has become a global problem that has been further aggravated during the COVID-19 pandemic.

It also said that due to the explosion of VC funding, credible low-cost development centers such as India and SEA are increasingly turning into highly competitive innovation ecosystems that lack their own technical talent.

Organizations are addressing this challenge by leveraging high-productivity low-code development tools like Locofy.ai, the company said in a statement.

IDC estimates that by 2025, about 60% of all part-time developers and nearly a third of full-time developers will be low-code developers, with low-code developers growing more than 3x faster than traditional developers.

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