London-based Builder.ai, the AI powered software platform, has announced a £200m ($250m) in a Series D funding.
The new investment, led by Qatar Investment Authority (QIA), takes the total amount raised by the company to over £362m ($450m) with an up to 1.8x increase in its valuation.
The latest round of capital will allow further investment in talent, partnerships, and technology.
The Series D round included participation from additional existing and new investors including Iconiq Capital, Jungle Ventures and Insight Partners,
Launched in 2016, Builder.ai claims to build software and apps up to 6x faster and 70 per cent cheaper than traditional human teams, without users needing to ‘speak tech’.
Sachin Dev Duggal, chief wizard and founder of Builder.ai, said: “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.”
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.”
Ahmed Ali Al-Hammadi, CIO for Europe, Turkey and Russia at QIA, said: “QIA is very excited to be partnering with the leader in this space. We are confident that Builder.ai 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.”
Jeff Horing, co-founder and managing director at Insight Partners, said: “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.”