New funding takes Builder.ai's total raise to $195M, accelerating growth and enhancements of its human-assisted AI app development platform that empowers every business and entrepreneur
LONDON, March 30, 2022 /PRNewswire/ -- Builder.ai today announced an investment of $100 million in a Series C funding round led by Insight Partners, a New York-based global venture capital and private equity firm. The round, which brings the company's total funding to $195 million across three total rounds, includes participation from existing investors in combination with new individual and institutional names that include the IFC & Jeffrey Katzenberg's WndrCo.
Established in 2016, Builder.ai is a leading AI-powered low-code/no-code app development platform that builds software and apps up to 6x faster and up to 70% cheaper than traditional human teams, without users needing to speak tech. Builder.ai has increased its revenue by over 300% and deployed more than 40,000 features to happy customers within the last year. The recent raise will support Builder.ai's continued focus on helping organisations and entrepreneurs unlock their creativity and potential with digital transformation. Builder.ai will invest the capital in AI and automation capabilities, rapidly develop its proprietary low-code/no-code platform, scale product development on core systems, including its conversational AI, named "Natasha", for improved self-service, and expand global operations. For its next chapter, Builder.ai will stay focused on pushing the boundaries - both technically and in go-to-market; whether its knowledge graph-powered code synthesis or expanding to cities across the continental United States and United Kingdom.
Of the new round, Sachin Dev Duggal, Chief Wizard & Co-Founder of Builder.ai, 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. 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."
Key company milestones over the past 12 months include:
- Headcount increased from 265 in March 2021 to 450 by March 2022
- Revenue from Builder Studio has grown by 18x since April 2020
- Deepening partnerships by introducing new marketplace partners to customers to add logistics and payments to their apps
"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 Managing Director 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 democratizing access to complex software, Builder.ai is set to disrupt the core of how applications are built."
Builder.ai further welcomes key business leaders, such as WndrCo. and Nikesh Arora, as investors and mentors to help make Builder.ai into a generational business. Builder.ai's investor base provides access to network, capital and acute wisdom as it expands and continues to disrupt the disruptors of low code/no-code.
"Builder.ai gives businesses large and small the superpower of building custom apps quickly and easily. WndrCo is excited to invest again and to partner with Sachin and team on accelerating growth in the US and beyond." ChenLi Wang, Partner, WndrC.
"Builder.ai is one of those rare companies that has entered a brand new category; with technology that has a disruptive impact to the world around us; especially as companies continue the move to being digital first. In Builders' team and Sachin we see what great tech founders are about: a vision to build incredible technology achievements, steadfast humility & best of all 10x revenue growth since we invested!" said Klaus Hommels, Founder and Chairman, Lakestar.
Guggenheim Securities, LLC. acted as exclusive financial advisor and Goodwin Procter LLP acted as legal advisor to Builder.ai. Wilkie Farr Gallagher LLP acted as legal advisor to Insight Partners.
About Builder.ai:
Builder.ai is an AI-powered low-code/no-code app development platform that allows customers to order apps for every business and entrepreneur. The AI-powered assembly line fuses together Lego- like reusable features, using Building Blocks automation to reduce human effort, leveraging a verified network of experts to vastly extend development capabilities, and producing apps at almost zero failure rate that are multitudes cheaper and faster than traditional software development.
Led by serial entrepreneur Sachin Dev Duggal, Builder.ai is reshaping how software is built and operated with a suite of products and services, including BUILDER STUDIO, BUILDER CLOUD, BUILDER CARE, BUILDER NOW, BUILDER HIVE, STUDIO STORE and STUDIO RAPID. In 2021, Builder.ai was awarded 'Hottest AI Startup' at the Europas for Europe's successful tech start-ups and made the 'Inc 5,000 list of Fastest Growing Companies in America' and awarded Visionary' in the 2021 Gartner Magic Quadrant for Multi-experience Development Platforms. Builder.ai is headquartered in London, supported by employees and hubs in Delhi NCR, Singapore, Los Angeles, Salt Lake City and Dubai. For more information, visit www.builder.ai.
BUILDER.AI and BUILDER are trademarks of Engineer.ai Corp. All other marks are trademarks of their respective owners.
About Insight Partners:
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of February 24, 2022, the closing of the firm's recent fundraise, Fund XII, brings Insight Partners' regulatory assets under management to over $90B. Insight Partners has invested in more than 600 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
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Media Contact:
Stephanie Lowenthal
stephanie.lowenthal@builder.ai
