Builder.ai, the global artificial intelligence (AI) powered composable software platform, has on Tuesday announced an investment of $250 million in a Series D funding.
The new investment, led by Qatar Investment Authority (QIA) takes the total amount raised by the company to over $450 million with an up to 1.8 times increase in its valuation, Builder.ai said in a statement.
According to the statement, the Series D round included participation from additional existing and new investors including Iconiq Capital, Jungle Ventures & Insight Partners.
The latest round of capital will fuel the company’s continued industry leadership and innovation pipeline allowing further investments in talent, partnerships, and technology; with a bigger focus on using human conversation as the primary user interface for allowing people to build software rather than the expert-laden white-canvas systems they are used to seeing in the no-code/low-code space.
With customer demand at an all-time high, and AI advancing every day, the company has almost doubled its headcount since January 2022, and extended its United Kingdom headquarter footprint with four new offices opened since 2021 – including the United States, the United Arab Emirates (UAE), Singapore, and France.
Continued investor support – combined with strategic partnerships, customer tailwinds and acclaimed industry innovation – helped drive the company’s momentum with 2.3 times revenue growth and over 40,000 features deployed to customers within the last year.
“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” said Sachin Dev Duggal, Chief Wizard and Founder of Builder.ai.
With the support of investors and the dedication and drive of its team, he said the firm is further empowered to unlock its 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 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,” he added.
Ahmed Ali Al-Hammadi, Chief Investment Officer for Europe, Türkiye and Russia at QIA, said that the firm is confident that Builder.ai’s innovative technology and proven approach positions the company for a future of substantial growth.
According to him, this investment is aligned with QIA’s strategy of supporting innovative companies shaping the future of the global economy.
Amit Anand, Managing Partner at Jungle Ventures, said that the firm’s journey with Builder.ai was fuelled by a deep-seated belief in their pioneering solution, allowing them to recognize the immense potential of this sector and anticipate the trajectory of this industry during its nascent stages.
“As early investors, we have witnessed their exceptional growth, even amidst harsh economic climates, which demonstrates the team’s resilience and commitment to innovation,” he said.
Established in 2016, Builder.ai continues to lead the industry with its AI-powered composable software platform that allows anyone with an idea to build an app (web or mobile) – faster and 70 percent more affordably.
Breaking software down into its reusable lego-like features, coupled with customization from its managed expert network of designers and developers atop its human assisted AI powered assembly line, has been the key to Builder.ai’s performance and that of its customers’ successful digital transformations worldwide.
The brand has also furthered its partnership with Microsoft for a holistic global GTM and inclusion in their reseller program, as well as entered partnerships with JP Morgan & Chase, Etisalat UAE and other technology and financial enterprises.
QIA is the sovereign wealth fund of the State of Qatar. It was founded in 2005 to invest and manage the state reserve funds.
QIA is among the largest and most active sovereign wealth funds globally.
The firm invests across a wide range of asset classes and regions as well as in partnership with leading institutions around the world to build a global and diversified investment portfolio with a long-term perspective that can deliver sustainable returns and contribute to the prosperity of the State of Qatar.
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