Riding high on its vision of making software development as effortless as ordering pizza, AI-focused platform Builder.ai has announced a massive investment of over $250 million in a Series D funding round. Led by Qatar Investment Authority (QIA), the investment brings the total funding raised by the enterprise to over $450 million, resulting in a boost of up to 1.8 times in its valuation.
Builder.ai’s unique software platform leverages the power of AI to make the development process accessible for businesses and individuals alike. The capital garnered from this latest round will be channeled towards bolstering the firm’s position as an industry innovator, enabling significant investments in talent acquisition, technology enhancement, and strategic partnerships.
A key area of focus for the company will be furthering the development of human conversation as a primary user interface, an unprecedented shift from traditional no-code/low-code expert-dependent systems. With customer demand scaling new heights and AI technology continually evolving, Builder.ai has expanded its team significantly since January 2022. Four new offices have also been added to its international footprint in the U.S., UAE, Singapore, and France since 2021.
The recent fundraising round was boosted by additional investors including Insight Partners, Jungle Ventures, and Iconiq Capital, reflecting the continued trust and support Builder.ai enjoys from the investor community. This confidence is mirrored in the firm’s financial growth, with a revenue surge of 2.3 times and over 40,000 features rolled out to customers within the last fiscal year.
The fun raising transaction is expected to be finalized following customary closing conditions.
Founded in 2016
Builder.ai was founded with the ambition to empower everyone to unlock their potential, said Sachin Dev Duggal, the company’s Chief Wizard and Founder. “As we step into a transformative era where software is evolving from being static to conversational, the volume of creations will grow exponentially,” he added. Duggal further thanked the company’s investors and the relentless commitment of the Builder.ai team, emphasizing that the new capital is being channeled to their AI and automation capabilities to ensure they not only keep up with the fast-paced industry but lead the way responsibly.
QIA, the leading investor in the round, echoed the sentiment. Ahmed Ali Al-Hammadi, CIO for Europe, Türkiye and Russia at QIA, expressed confidence in Builder.ai’s potential for substantial growth, praising its innovative technology and proven approach.
Insight Partners and Jungle Ventures, both return investors, lauded Builder.ai for the excellent progress since their initial investment. The company’s commitment to innovation and resilience, even in adverse economic climates, makes them a compelling bet, stated Amit Anand, Managing Partner at Jungle Ventures.
Founded in 2016, Builder.ai has been making waves with its AI-driven composable software platform, helping anyone turn their ideas into applications quickly and affordably. Its innovative strategy of breaking software into reusable components, supported by a network of expert designers and developers, has been a crucial factor in its success and that of its customers worldwide, the company stated.
Apart from its fundraising successes, Builder.ai has fostered significant partnerships with global giants like Microsoft, JP Morgan & Chase, and Etisalat UAE, strengthening its position in the tech ecosystem. This vision and application of AI have earned Builder.ai spots on the 2023 Fast Company list of Most Innovative Companies and the 2022 Europa’s ‘Scale Up of the Year,’ among others.
