LONDON and DOHA, Qatar, May 23, 2023 (GLOBE NEWSWIRE) — Builder.ai®, the AI powered composable software platform, designed to be so simple and accessible that everyday businesses and individuals can turn their ideas into software, today announced an investment of over $250 million in Series D funding. The new investment, led by Qatar Investment Authority (QIA) takes the total amount raised by the company to over $450 million with an up to 1.8x increase in its valuation.
The latest round of capital will fuel the company’s continued industry leadership and innovation pipeline allowing further investments in talent, partnerships, and technology; with 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 we are used to seeing 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, and extended its UK HQ footprint with four new offices opened since 2021 – including the USA, the UAE, Singapore, and France.
Continued investor support – combined with strategic partnerships, customer tailwinds and acclaimed industry innovation – helped drive the company’s momentum with 2.3x revenue growth and over 40,000 features deployed to customers within the last year.
The Series D round included participation from additional existing and new investors including Iconiq Capital, Jungle Ventures & Insight Partners.
“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.
Duggal added “With the support of our investors and the dedication and drive of our team, we are further empowered to unlock our own potential. 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.”
“QIA is very excited to be partnering with the leader in this space. We are confident that Builder.ai’s innovative technology and proven approach positions the company for a future of substantial growth. This investment is aligned with QIA’s strategy of supporting innovative companies shaping the future of the global economy,” said Ahmed Ali Al-Hammadi, CIO for Europe, Türkiye and Russia at QIA.
“Sachin and the Builder.ai team have produced tremendous results since Insight invested one year ago. We are thrilled to be doubling down on our support of the company,” Jeff Horing, Co-Founder and Managing Director at Insight Partners.
Established in 2016, Builder.ai continues to lead the industry with its AI-powered composable software platform that allows anyone with an idea to build an app (web or mobile) – faster and 70% more affordably. Breaking software down into its reusable lego-like features, coupled with customization from its managed expert network of designers and developers atop its human assisted AI powered assembly line, has been the key to Builder.ai’s performance and that of its customers’ successful digital transformations worldwide.
The brand has also furthered its partnership with Microsoft for a holistic global GTM and inclusion in their reseller program, as well as entered into partnerships with JP Morgan & Chase, Etisalat UAE and other technology and financial enterprises. These partnerships, along with the company’s visionary application of AI, have landed Builder.ai on the 2023 Fast Company list of Most Innovative Companies, won them the 2022 Europas “Scale Up of the Year” and placed them firmly in the 2021 Gartner® Magic Quadrant™ for Multi Experience Development Platforms (MXDP) and MarketGuide 2022 for MXDP, as well as inclusion in the final round of consideration for 2022 Gartner® Magic Quadrant™ for low code application platforms (LCAP).
The transaction is subject to customary closing conditions.
Goodwin acted as legal advisor to Builder.ai.