Builder.ai Secures $250 Million Series D Funding Led by Qatar Investment Authority
May 23, 2023
Builder.ai, the London-based artificial intelligence-powered composable software firm, has secured a significant milestone with a $250 million Series D funding round. Led by the Qatar Investment Authority (QIA), this funding comes at a time when the industry faces a funding winter. The latest investment brings the total raised by the company, led by Sachin Dev Duggal, to over $450 million, accompanied by a notable increase in valuation.
This round saw participation from both existing and new investors, including Iconiq Capital, Jungle Ventures, and Insight Partners, showcasing the confidence in Builder.ai's innovative approach. The company specializes in providing a platform that enables businesses and individuals to develop applications without requiring any coding experience. By breaking down software into reusable Lego-like features, coupled with customization from a managed expert network, Builder.ai has marked itself as a key player in the digital transformation space.
The capital injection from the Series D will propel the company's innovation pipeline, allowing strategic investments in talent, partnerships, and technology. A major shift in focus will be towards using human conversation as the primary user interface, challenging the conventional expert-laden white-canvas systems prevalent in the no-code/low-code space.
Sachin Dev Duggal, the Chief Wizard and Founder of Builder.ai, highlighted the company's growth strategy rooted in the ability to achieve more with less. "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," said Duggal. The company has experienced exceptional growth, doubling its headcount since January 2022 and expanding its UK headquarters footprint with new offices in the US, UAE, Singapore, and France.
The confidence in Builder.ai is further echoed by Ahmed Ali Al-Hammadi, CIO for Europe, Türkiye, and Russia at QIA, stating, "We are confident that Builder.ai’s innovative technology and proven approach positions the company for a future of substantial growth." This investment aligns with QIA’s strategy of supporting innovative companies shaping the global economy.
The Series D round builds on Builder.ai's momentum, with a 2.3x revenue growth and the deployment of over 40,000 features to customers in the past year. The company's strategic partnerships with tech giants like Microsoft, JP Morgan & Chase, and Etisalat UAE, have contributed to its industry recognition. Builder.ai has been listed on the 2023 Fast Company list of Most Innovative Companies, awarded the 2022 Europas “Scale Up of the Year,” and recognized in the 2021 Gartner Magic Quadrant for Multi Experience Development Platforms.
The recent undisclosed investment from Microsoft further solidifies the collaboration between the two companies. This partnership aims to create AI-powered solutions, enabling businesses to embrace digital transformation without the need for technical expertise. Builder.ai's platform, combined with Microsoft's support, positions the company at the forefront of AI innovation, competing with industry giants like Google.
Builder.ai's success in securing funding amidst economic challenges emphasizes its resilience and commitment to innovation. The Series D funding, combined with continued investor support and strategic partnerships, propels Builder.ai into a future marked by substantial growth and technological advancements. As the company navigates this dynamic landscape, its focus on empowering everyone to build software effortlessly remains at the core of its mission.