Builder.ai has raised £76 million in Series C funding.
Established in 2016, the low-code AI development platform claims to build software and apps up to 6x faster and 70% cheaper than traditional human teams, without users needing to ‘speak tech’.
London-based Builder.ai has increased its revenue by over 300% and deployed more than 40,000 features to customers within the last year.
The funding was led by New York-based Insight Partners. Bringing the company’s total funding to $195m across three total rounds, the Series C includes participation from existing investors in combination with new individual and institutional names that include the IFC & Jeffrey Katzenberg’s WndrCo.
It will be invested in AI and automation capabilities, to scale product development on core systems – including its conversational AI ‘Natasha’ for improved self-service – and expand global operations, particularly around the US.
“We believe that every business should be empowered to unlock their human potential, whether it’s creating new ideas or digitally transforming their business,” said Sachin Dev Duggal, ‘chief wizard’ and co-founder.
“Because of this, our choice of investor for this round was very deliberate; we wanted someone who had deep insight and immense courage to let us think and do differently. This led us to the only natural choice – Jeff Horing and Insight Partners.
“This is so much more than just capital – it’s a round for our customers, all the tinkerers, the people that never accepted ‘no’ for an answer, the small businesses that said ‘we shall prevail’ and the entrepreneurs who never blinked for a second.”
In the last 12 months, Builder.ai has increased its headcount from 265 to 450.
“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,” said Jeff Horing, co-founder and MD at Insight Partners.
“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 democratising access to complex software, Builder.ai is set to disrupt the core of how applications are built.”