 "Sachin Dev Duggal, chief wizard and founder of Builder.ai")
Builder.ai, an artificial intelligence-powered composable software firm, has raised an investment of $250 million in Series D. The new investment, which has come amid a funding winter, was led by Qatar Investment Authority (QIA). This takes the total amount raised by the Sachin Dev Duggal-led company to over $450 million with an up to 1.8x increase in its valuation. However, the London-based firm didn’t reveal the exact valuation after this round, which included participation from existing and new investors such as Iconiq Capital, Jungle Ventures & Insight Partners.
Builder.ai helps companies develop applications without needing any coding experience.The latest round of capital will fuel the company’s innovation pipeline allowing further investments in talent, partnerships, and technology. This would also help in having a bigger focus on using human conversation as the primary user interface for allowing people to build software rather than the expert-laden white-canvas systems as seen in the no-code/low-code space. With customer demand at an all-time high, and AI advancing every day, the company has almost doubled its headcount since January 2022. It has extended its UK HQ footprint with four new offices opened since 2021, including the US, the UAE, Singapore, and France.
“Our growth strategy has always been driven by a DNA based on being able to do more with less and this has weaved into our shared vision with our customers around the world as everyone pushes the envelope to do more. It is what attracted our first-round investors in 2018, and what drives this Series D today,” said Sachin Dev Duggal, chief wizard and founder of Builder.ai.Builder.ai said the continued investor support – combined with strategic partnerships, customer tailwinds and industry innovation – helped drive the company’s momentum with 2.3x revenue growth. This includes over 40,000 features deployed to customers within the last year.
"We are confident that Builder.ai’s innovative technology and proven approach positions the company for a future of substantial growth,” said Ahmed Ali Al-Hammadi, CIO for Europe, Türkiye and Russia at QIA. “This investment is aligned with QIA’s strategy of supporting innovative companies shaping the future of the global economy.”
The transaction is subject to customary closing conditions. Goodwin acted as legal advisor to Builder.ai.
Established in 2016, Builder.ai provides AI-powered composable software platform that allows anyone with an idea to build an app (web or mobile) – faster and 70 per cent more affordable. This includes breaking software down into its reusable Lego-like features. This is coupled with customization from its managed expert network of designers and developers atop its human-assisted AI-powered assembly line. This has been the key to Builder.ai’s performance and that of its customers’ digital transformations worldwide.
“As early investors, we have witnessed their exceptional growth, even amidst harsh economic climates, which demonstrates the team's resilience and commitment to innovation,” said Amit Anand, Managing Partner at Jungle Ventures
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Builder.ai has also furthered its partnership with tech giant Microsoft for a global GTM (go-to-market) and inclusion in their reseller program. It has also entered partnerships with JP Morgan & Chase, Etisalat UAE and other technology and financial enterprises.
This month Microsoft also invested an undisclosed sum in Builder.ai. The investment marks Microsoft scaling up its efforts in artificial intelligence (AI) and competing with rival Google. Microsoft and Builder will collaborate in creating AI-powered solutions that help businesses become digitally savvy without needing technical expertise.
