UK, India-based Builder.ai raises $250m Series D
Qatar Investment Authority (QIA) has led a USD 250m Series D round for UK and India-based Builder.ai, a low-code business software platform that compares is modularity to Lego blocks.
Iconiq Capital, Jungle Ventures, and Insight Partners also participated. It follows a USD 100m Series C last year from Insight and Jungle, bringing total funding since the company’s inception in 2016 to USD 450m. Earlier investors include Japan’s Deepcore and Switzerland-based Lakestar Advisors.
Builder describes itself as an artificial intelligence (AI) composable software platform suitable for any idea or company. Its core feature is ease-of-use through a system called “Building Blocks” which essentially represents code components that can be reused in various contexts. This is said to allow for apps to be developed 70% more affordably, with an almost zero failure rate and reduced human input.
“Breaking software down into its reusable lego-like features, coupled with customisation 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 company said in a statement.
Builder claims to have grown revenue 2.3x revenue and deployed more than 40,000 features to customers within the last year. It described customer demand as being at an “all-time high” and said that it has experienced a 1.8x increase in valuation, although it did not specify the timeframe. Four offices have been opened in the past two years, in the US, United Arab Emirates, Singapore, and France.
The fresh capital will support R&D, as well as investments in talent, partnerships, and technology. This will roll out with a sharpened focus on the idea of using natural conversation as the primary user interface for allowing people to build software.
“Our journey with Builder.ai was fuelled by a deep-seated belief in their pioneering solution, allowing us to recognise the immense potential of this sector and anticipate the trajectory of this industry during its nascent stages,” Amit Anand, a managing partner at Jungle, added. “As early investors, we have witnessed their exceptional growth, even amidst harsh economic climates, which demonstrates the team's resilience and commitment to innovation.”
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