SUMMARY
The funding round also saw participation from Iconiq Capital, Jungle Ventures, and Insight Partners, among others
Builder.ai said it will use the funding to hire fresh talent, build partnerships and technology
Including the latest funding round, the startup has raised a total of $450 Mn to date
London-headquartered artificial intelligence-focussed startup Builder.ai has raised $250 Mn in a Series D funding round led by Qatar Investment Authority (QIA). The round also saw participation from Iconiq Capital, Jungle Ventures, and Insight Partners, among others.
Without disclosing its valuation, the startup, in a statement, said that the funding helped its valuation jump by over 1.8X.
Builder.ai said it will use the funding to hire fresh talent, build partnerships and technology. The startup further claimed that it has doubled its headcount since January 2022 and extended its footprint, with four new offices opened since 2021 – in the US, the UAE, Singapore, and France.
Including the latest funding round, Builder.ai has raised a total funding of over $450 Mn to date.
The fresh investment has come on the heels of Builder.ai raising investment from US tech giant Microsoft. Earlier this month, Builder.ai said that it and Microsoft will collaborate on creating AI-powered solutions that will empower businesses to develop applications. Apart from this, the startup has also collaborated with JP Morgan & Chase and Etisalat UAE.
The startup raised $100 Mn in its Series C funding round last year. The round was led by New York-based Insight Partners and also saw participation from existing and new investors, including IFC, Jeffrey Katzenberg, WndrCo, and Nikesh Arora.
Founded in 2016 by Sachin Dev Duggal and Saurabh Dhoot in Gurugram, Builder.ai offers a platform for entrepreneurs to build apps without little to no coding knowledge using AI. The startup claims that its platform builds software and apps up to 6X faster and up to 70% cheaper than ‘traditional’ human teams.
AI-focussed startups have been attracting investors for long but the growing popularity and use cases of AI has given a further boost to funding raised by these startups. The success of Microsoft-backed ChatGPT and Google’s Bard has further highlighted the importance of AI.
Earlier this year, Mad Street Den raised $30 Mn in its Series C funding round led by Avatar Growth Capital. Entropik, another AI-focused startup, bagged $25 Mn in its Series B round led by Bessemer Venture Partners and SIG Venture Capital.
