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Builder.ai raises $250mn from Qatar Investment Authority, valuation up 1.8x

Builder.ai, an artificial intelligence-powered composable software firm, has raised an investment of $250 million in Series D. The new investment, made amid a funding freeze, was led by the Qatar Investment Authority (QIA). A potential valuation rise of up to 1.8 times brings the total amount raised by the Sachin Dev Duggal-led company to over $450 million. After this round, which included participation from existing and new investors like Iconiq Capital, Jungle Ventures, & Insight Partners, the London-based firm did not disclose its exact valuation yet. 

Builder.ai helps companies to develop applications without the requirement for coding experience. The latest round of funding will support the business’ innovation pipeline and enable additional investments in talent, partnerships, and technology. This would also assist in shifting the emphasis away from the white-canvas systems used in the no-code/low-code arena and towards leveraging human conversation as the primary user interface for enabling people to develop software. 

The company’s headcount has nearly doubled since January 2022 due to rising consumer demand and daily advances in AI. With the opening of four additional offices since 2021, including one in the US, the UAE, Singapore, and France, it has expanded the footprint of its UK HQ.

“Our growth strategy has always been driven by a DNA based on being able to do more with less and this has weaved into our shared vision with our customers around the world as everyone pushes the envelope to do more. It is what attracted our first-round investors in 2018, and what drives this Series D today,” said Sachin Dev Duggal, chief wizard and founder of Builder.ai.

Builder.ai said continued investor support, strategic partnerships, customer tailwinds, and industry innovation fueled the company’s 2.3x revenue growth. This includes more than 40,000 features that were made available to customers within the last year.

“We are confident that Builder.ai’s innovative technology and proven approach positions the company for a future of substantial growth,” said Ahmed Ali Al-Hammadi, CIO for Europe, Türkiye and Russia at QIA. “This investment is aligned with QIA’s strategy of supporting innovative companies shaping the future of the global economy.”

The transaction is subject to customary closing conditions. Builder.ai had a legal advisor from Goodwin.

Builder.ai was founded in 2016 and offers an AI-powered, composable software platform that makes it easier and faster for anyone with an idea to build a web or mobile app. This includes breaking software into its reusable Lego-like features. On top of its human-assisted AI-powered assembly line, this is coupled with customisation from its managed expert network of designers and developers. The success of Builder.ai and its customers’ digital transformations across the globe has been largely dependent on this.

“As early investors, we have witnessed their exceptional growth, even amidst harsh economic climates, which demonstrates the team’s resilience and commitment to innovation,” said Amit Anand, Managing Partner at Jungle Ventures.

Builder.ai has also furthered its partnership with tech giant Microsoft for a global GTM (go-to-market) and inclusion in its reseller program. Additionally, it has partnered with JP Morgan & Chase, Etisalat UAE, and other financial and technology enterprises.

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