London-based AI powered mobile app building platform Builder.ai announced on Tuesday that it has raised $250 million in Series D funding round led by the Qatar Investment Authority (QIA).
The round also included participation from additional existing and new investors including Iconiq Capital, Jungle Ventures & Insight Partners.
The new funding round brings the total amount raised to over $450 million with an up to 1.8x increase in its valuation, the company said.
Founded in 2016, Builder.ai said 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, France, and Singapore. In 2022, the company saw 2.3z revenue growth and over 40,000 features deployed to customers.
“Builder.ai was founded on the promise that everyone should be empowered to unlock their human potential. Today this means being able to build software to be able to do more with less. 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.
Duggal added “With the support of our investors and the dedication and drive of our team, we are further empowered to unlock our own potential. 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. 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.”
Instead of the “expert-laden white-canvas systems” that are characteristic of the no-code/low-code industry, the company claims it will instead concentrate on using human dialogue to enable anyone to develop apps on its platform.
“QIA is very excited to be partnering with the leader in this space. We are confident that Builder.ai’s innovative technology and proven approach positions 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, CIO for Europe, Türkiye and Russia at QIA.
The transaction is subject to customary closing conditions.