QIA led $250 M Series D funding secured by UK’s Builder.ai
Builder.ai, a platform for modular software powered by artificial intelligence (AI), announced a $250 million Series D investment.
Builder.ai said in a statement that the new investment, led by Qatar Investment Authority (QIA), increased the company’s valuation by up to 1.8 times and brought the total amount raised to over $450 million.
The statement claims that additional current and new investors, including Iconiq Capital, Jungle Ventures, and Insight Partners, participated in the Series D round.
A larger emphasis will be placed on using human conversation as the primary user interface for allowing people to build software rather than the expert-laden white-canvas systems they are used to seeing in the no-code/low-code space. The latest round of funding will fuel the company’s continued industry leadership and innovation pipeline, allowing further investments in talent, partnerships, and technology.
The company has almost doubled its headcount since January 2022 and expanded its United Kingdom headquarters footprint with four new offices opened in 2021, including the United States, the United Arab Emirates (UAE), Singapore, and France. Customer demand is at an all-time high, and AI is advancing every day.
With 2.3 times revenue growth and over 40,000 features deployed to customers in the past year, the company’s momentum was fueled by ongoing investor support, strategic partnerships, customer tailwinds, and acclaimed industry innovation.
“Builder.ai was founded on the promise that everyone should be empowered to unlock their human potential. Today this means being able to build software to be able to do more with less,
“We are entering an incredible time in history where the very notion of software is changing; from something that had a shelf life of years to what will eventually have a shelf life of a conversation and the volume of what is being created is only going to grow exponentially,” said Sachin Dev Duggal, Chief Wizard and Founder of Builder.ai.
He claimed that the company is further empowered to realize its own potential thanks to the backing of investors and the commitment and zeal of its team.
“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. Our team is already investing this capital in our AI and automation capabilities, not only keeping pace with the fast-moving industry but leading from the front so we can empower our customers more and at the same time use new frontier technology responsibly,” he added.
Builder.ai’s innovative technology and tried-and-true strategy, according to Ahmed Ali Al-Hammadi, Chief Investment Officer for Europe, Turkey, and Russia at QIA, positions the company for future significant growth.
He claims that this investment is in line with QIA’s strategy of assisting forward-thinking businesses that are influencing the direction of the world economy.
The firm’s journey with Builder.ai, according to Amit Anand, Managing Partner at Jungle Ventures, was fueled by a deep-seated belief in their ground-breaking solution, enabling them to recognize the enormous potential of this sector and predict the trajectory of this industry during its infancy.
“As early investors, we have witnessed their exceptional growth, even amidst harsh economic climates, which demonstrates the team’s resilience and commitment to innovation,” he said.
With its AI-powered composable software platform, Builder.ai, which was founded in 2016 and is still the industry leader, enables anyone with an idea to create an app (web or mobile) quickly and 70% more affordably.
The secret to Builder.ai’s performance and that of its customers’ successful digital transformations worldwide has been breaking down software into its reusable lego-like features, combined with customization from its managed expert network of designers and developers atop its human-assisted AI-powered assembly line.