homestartup NewsBuilder.ai gets $250 million from Qatar Investment Authority; valuation jumps by 1.8x
Builder.ai gets $250 million from Qatar Investment Authority; valuation jumps by 1.8x
The software platform said it will deploy the fresh capital to enhance its innovation pipeline, more investments in talent, partnerships, and technology.
SaaS startup Builder.ai has raised $250 million in its Series D funding round led by Qatar Investment Authority (QIA). The round also saw participation from existing investors including Iconiq Capital, Jungle Ventures and Insight Partners. Including the new fundraise, the company till date has bagged over $450 million and its valuation has shot up by 1.8x.
Goodwin acted as legal advisor to the startup. The software platform said it will deploy the fresh capital to enhance its innovation pipeline, more investments in talent, partnerships, and technology.
The company added that it is focusing big on using human conversation as the primary user interface for allowing people to build software rather than the expert-laden white-canvas systems in the no-code/low-code space.
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“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.
Builder.ai said it has clocked 2.3x growth in its revenues and has deployed 40,000 features to customers within the last year. The firm has attributed high customer demand and advancement in AI as it growth factor.
“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 so we can empower our customers more and at the same time use new frontier technology responsibly,” Duggal added.
The new fundraise comes after tech giant Microsoft made an equity investment in Builder.ai in a push to make software development accessible to the next set of non-tech users. The terms of the deal remained undisclosed.
The company claimed that it has almost doubled its headcount since January 2022, and extended its UK HQ footprint with four new offices opened since 2021 – including the USA, the UAE, Singapore, and France.
First Published: May 23, 2023 3:55 PM IST
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