ETtechApp development platform Builder.ai has raised $250 million as a part of its latest round of funding, led by sovereign fund Qatar Investment Authority (QIA). The round also saw participation from existing and new investors including – Iconiq Capital, Jungle Ventures and Insight Partners.
According to the company, it will use the capital to grow its talent, partnerships, and technology functions, as well as innovate on its platform.
With this latest funding tranche, the company has raised over $450 million till date. Founded in 2016 by Sachin Dev Duggal, Builder.ai claims to leverage artificial intelligence (AI) to help businesses develop the applications they need in a quicker and cost-effective way.
“Our team is already investing this capital in our AI and automation capabilities, keeping pace with the fast-moving industry, so we can empower our customers more and at the same time use new frontier technology responsibly,” said Duggal.
With the rise of AI and low-code tools, the company has almost doubled its headcount since January 2022, it said.
“We are confident that Builder.ai’s innovative technology and proven approach position the company for a future of substantial growth. This investment is aligned with QIA’s strategy of supporting innovative companies shaping the future of the global economy” said Ahmed Ali Al-Hammadi, chief investment officer for Europe, Türkiye and Russia at QIA.
The company at present works with the likes of Microsoft, JP Morgan & Chase, Etisalat UAE and other technology and financial enterprises.
“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.
In India, the company has close to 300 employees in Gurugram.
According to the company, it will use the capital to grow its talent, partnerships, and technology functions, as well as innovate on its platform.
The latest transaction is subject to customary closing conditions, Builder.ai said.
With this latest funding tranche, the company has raised over $450 million till date. Founded in 2016 by Sachin Dev Duggal, Builder.ai claims to leverage artificial intelligence (AI) to help businesses develop the applications they need in a quicker and cost-effective way.
“Our team is already investing this capital in our AI and automation capabilities, keeping pace with the fast-moving industry, so we can empower our customers more and at the same time use new frontier technology responsibly,” said Duggal.
With the rise of AI and low-code tools, the company has almost doubled its headcount since January 2022, it said.
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“We are confident that Builder.ai’s innovative technology and proven approach position the company for a future of substantial growth. This investment is aligned with QIA’s strategy of supporting innovative companies shaping the future of the global economy” said Ahmed Ali Al-Hammadi, chief investment officer for Europe, Türkiye and Russia at QIA.
The company at present works with the likes of Microsoft, JP Morgan & Chase, Etisalat UAE and other technology and financial enterprises.
“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.
In India, the company has close to 300 employees in Gurugram.
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