Builder.ai, the AI startup that has built a low-code/no-code app development platform, has raised $100 million in a Series C funding round led by Insight Partners.
The round also saw the participation from existing investor Jungle Ventures and other institutional investors. With this round, the total funding raised by Builder.ai is now $195 million.
Builder.ai was founded in 2016 with dual headquarters in London and Los Angeles. It also has a large development team in Delhi.
On the new funding round, Builder.ai co-founder Sachin Dev Duggal said, “We believe that everyone, every business should be empowered to unlock their human potential, whether it’s creating new ideas or digitally transforming their business, and 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.”
According to the startup, Builder.ai builds software and apps that are up to 6x faster and is around 70 percent cheaper as compared to other avenues. It claims that its revenue increased by over 300 percent and deployed more than 40,000 features in the last one year.
Builder.ai will utilise the new round of funding towards enhancing its AI and automation capabilities, develop its proprietary low-code/no-code platform, and scale product development.
Insight Partners Managing Director Jeff Horing said, “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 percent growth in the last year.”
He further noted, “By truly democratising access to complex software, Builder.ai is set to disrupt the core of how applications are built.”
Jungle Ventures Founding Partner Amit Anand said, “Organisations today, more than ever, are in need to be changing, innovating and deploying new ideas fast. This requires a stable but agile software development platform that can leverage innovative technologies such as AI and low-code/no-code to enable rapid digital transformation and create real time impact for stakeholders.”