London-headquartered artificial intelligence-focussed startup Builder.ai raised $250 million in Series D led by Qatar Investment Authority (QIA) where Iconiq Capital, Jungle Ventures, and Insight Partners, among others also participated.
Builder.ai stated that the funds will be used to acquire new talent, establish collaborations, and develop technologies. The startup also claimed that it had more than doubled its headcount since January 2022 and expanded its footprint, with four new offices opening since 2021 in the United States, the United Arab Emirates, Singapore, and France.
Builder.ai just received funding from Microsoft, the world’s largest technology company. Builder.ai said earlier this month that it will cooperate with Microsoft to develop AI-powered solutions that will enable enterprises to construct applications. Aside from that, the startup has worked with JP Morgan & Chase and Etisalat UAE.
Builder.ai provides a platform for entrepreneurs to use AI to build apps with little to no coding skills. According to the business, its platform can produce software and apps up to 6X faster and 70% cheaper than ‘conventional’ human teams.
AI-focused firms have long attracted investors, but the increasing popularity and use cases of AI has boosted the money raised by these startups. The success of Microsoft-backed ChatGPT and Google’s Bard has emphasised the significance of AI.
