New funding takes Builder.ai’s total raise to $195M, accelerating growth and enhancements of its human-assisted AI app development platform that empowers every business and entrepreneur
Builder.ai announced an investment of $100 million in a Series C funding round led by Insight Partners, a New York-based global venture capital and private equity firm. The round, which brings the company’s total funding to $195 million across three total rounds, includes participation from existing investors in combination with new individual and institutional names that include the IFC & Jeffrey Katzenberg’s WndrCo.
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Established in 2016, Builder.ai is a leading AI-powered low-code/no-code app development platform that builds software and apps up to 6x faster and up to 70% cheaper than traditional human teams, without users needing to speak tech. Builder.ai has increased its revenue by over 300% and deployed more than 40,000 features to happy customers within the last year. The recent raise will support Builder.ai’s continued focus on helping organizations and entrepreneurs unlock their creativity and potential with digital transformation. Builder.ai will invest the capital in AI and automation capabilities, rapidly develop its proprietary low-code/no-code platform, scale product development on core systems, including its conversational AI, named “Natasha™”, for improved self-service, and expand global operations. For its next chapter, Builder.ai will stay focused on pushing the boundaries – both technically and in go-to-market; whether its knowledge graph-powered code synthesis or expanding to cities across the continental United States.
Of the new round, Sachin Dev Duggal, Chief Wizard & Co-Founder of Builder.ai, said, “We believe that everyone, every business should be empowered to unlock their human potential, whether it’s creating new ideas or digitally transforming their business, and because of this, our choice of investor for this round was very deliberate; we wanted someone who had deep insight and immense courage to let us think and do differently. This led us to the only natural choice – Jeff Horing and Insight Partners. This is so much more than just capital – it’s a round for our customers, all the tinkerers, the people that never accepted “no” for an answer, the small businesses that said “we shall prevail” and the entrepreneurs who never blinked for a second.”
Key company milestones over the past 12 months include:
- Headcount increased from 265 in March 2021 to 450 by March 2022
- Revenue from Builder Studio™ has grown by 18x since April 2020
- Deepening partnerships by introducing new marketplace partners to customers to add logistics and payments to their apps
“Builder.ai has spearheaded a new category in the low-code/no-code industry with an innovative business model and clarity of vision, fueling its 300% growth in the last year,” said Jeff Horing, Co-Founder and Managing Director at Insight Partners. “I’ve been speaking with Sachin from the early days of Builder.ai and have witnessed how he and the team have built something very special. By truly democratizing access to complex software, Builder.ai is set to disrupt the core of how applications are built.”
Builder.ai further welcomes key business leaders, such as WndrCo. and Nikesh Arora, as investors and mentors to help make Builder.ai into a generational business. Builder.ai’s investor base provides access to network, capital and acute wisdom as it expands and continues to disrupt the disruptors of low code/no-code.
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“Builder.ai gives businesses large and small the superpower of building custom apps quickly and easily. WndrCo is excited to invest again and to partner with Sachin and team on accelerating growth in the US and beyond.” ChenLi Wang, Partner, WndrC.
Guggenheim Securities, LLC. acted as exclusive financial advisor and Goodwin Procter LLP acted as legal advisor to Builder.ai. Wilkie Farr Gallagher LLP acted as legal advisor to Insight Partners.