IT startup Builder.ai has raised USD 100 million (around Rs 750 crore) in a funding round led by New York-based global venture capital and private equity firm Insight Partners.
The Series C round, which brings the company’s total funding to USD 195 million across three total rounds, includes participation from existing investors such as Singapore-based Jungle Ventures in combination with new individual and institutional names that include the IFC & Jeffrey Katezenberg’sWndrCo.
“The recent raise will support Builder.ai’s continued focus on helping organisations 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,” the company said in a statement.
Established in 2016, Builder.ai builds AI based low-code or no-code app development platform that builds software and apps.
Builder.ai claims to have increased its revenue by over 300 per cent and deployed more than 40,000 features for customers last year.
“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,” Builder.ai chief wizard and co-founder Sachin Dev Duggal said.
The company increased headcount from 265 in March 2021 to 450 by March 2022.