Business Standard

AI platform Builder raises over $250 mn led by QIA in Series D funding

AI-powered software platform Builder.ai on Tuesday announced it has raised over $250 million in its Series D funding led by Qatar Investment Authority (QIA)

Photo: Bloomberg

Photo: Bloomberg

IANS New Delhi

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AI-powered software platform Builder.ai on Tuesday announced it has raised over $250 million in its Series D funding led by Qatar Investment Authority (QIA).
The latest funds take the total amount raised by the company to over $450 million with an up to 1.8 times increase in its valuation.
The company, which just announced a strategic collaboration with Microsoft which includes an undisclosed equity investment in the startup, said that the latest round of capital will fuel its continued industry leadership and innovation pipeline allowing further investments in talent, partnerships, and technology.
"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.
With customer demand at an all-time high and AI advancing every day, the company has almost doubled its headcount since January 2022, and extended its UK HQ footprint with four new offices opened since 2021 - including the US, the UAE, Singapore and France.
The Series D round included participation from additional existing and new investors including Iconiq Capital, Jungle Ventures and Insight Partners.
"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.
"Sachin and the Builder.ai team have produced tremendous results since Insight invested one year ago. We are thrilled to be doubling down on our support of the company," added Jeff Horing, Co-Founder and Managing Director at Insight Partners.
Established in 2016, Builder.ai continues to lead the industry with its AI-powered composable software platform that allows anyone with an idea to build an app (web or mobile) -- faster and 70 per cent more affordably.
--IANS
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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: May 23 2023 | 4:06 PM IST

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