British AI startup Builder.ai just recently announced a $100M Series C funding round led by Insight Partners, a New York-based global venture capital and private equity firm. The funding includes participating existing investors in combination with new individual and institutional investors including the IFC & Jeffrey Katzenberg’s WndrCo. It takes the company’s total funding to $195M across three total rounds.
“I’ve been speaking with Sachin from the early days of Builder.ai and have witnessed how he and the team have built something very special. By truly democratizing access to complex software, Builder.ai is set to disrupt the core of how applications are built,” remarked Jeff Horing, Co-Founder and Managing Director at Insight Partners.
The funding’s purpose
This recent raise will support Builder.ai’s mission to further help individuals and organisations unlock their creativity and potential to develop applications on its interactive platform. Builder.ai first intends to build out its AI and automation capabilities.
The company furthermore plans to rapidly develop its low-code/ no-code platform while scaling product development on core systems, including its conversational AI, named “Natasha” for improved self-service.
Global expansion is a key agenda as well for the company, targetting cities across the continental United States and the United Kingdom.
The rise of no-code/ low-code platforms
Low-code/ no-code platforms are visual software development environments that allow enterprise and individual developers to drag and drop application components, integrate them and create mobile or web apps.
This approach to application development lets developers quickly design and build apps, without the need for writing code line by line.
The growth of low-code/no-code platforms has proliferated due to a shortage of skilled software developers and the need to improve turnaround time for development projects.
Low-code/ no-code platforms have helped speed up the development and delivery process of applications, a critical element in the modern age. They have put problem-solving capabilities in the hands of non-IT professionals and have been able to help focus attention away from strenuous development to other more important aspects of businesses. This is increasingly proving to be desirable and valuable to businesses.
An overview of Builder.ai
Established in 2016 by Sachin Dev Duggal and Saurabh Dhoot, Builder.ai is a leading AI-powered low-code/no-code app development platform that builds software and apps, without users needing coding language familiarity. This approach is making application development up to 6x faster and up to 70% cheaper, with the need for human teams non-existent.
Builder.ai’s AI-powered assembly line fuses designed components together like Legos, using Building Blocks automation. This results in a reduced human effort, as a verified network of experts is leveraged as well to extend development capabilities and produce apps at almost zero failure rate. This is making Builder.ai magnitudes cheaper and faster than traditional software development.
The London-based tech firm is currently led by serial entrepreneur Sachin Dev Duggal, whom the company describes as its chief wizard. Builder.ai is reshaping the software development landscape with a suite of products and services, including BUILDER STUDIO, BUILDER CLOUD, BUILDER CARE, BUILDER NOW, BUILDER HIVE, STUDIO STORE and STUDIO RAPID.
Achieving milestones and gaining recognition
Over the past 12 months, Builder.ai has been able to increase its user base from 265 to 450 users. Revenue from Builder Studio also grew by 18x since April 2021, with partnerships further deepening following the introduction of new marketplace partners, enabling customers to add logistics and payments features to their apps.
“Builder.ai has spearheaded a new category in the low-code/no-code industry with an innovative business model and clarity of vision, fueling its 300% growth in the last year,” commented Jeff Horing, Co-Founder and Managing Director at Insight Partners.
In 2021, Builder.ai received the award ‘Hottest AI Startup’ at the Europas for Europe’s successful tech start-ups and made the ‘Inc 5,000 list of Fastest Growing Companies in America’. The company was also awarded Visionary’ in the 2021 Gartner® Magic Quadrant™ for Multi-experience Development Platforms.