Qatar Investment Authority, the sovereign wealth fund of the Middle Eastern nation, is leading a $250 million Series D funding round in British-Indian serial entrepreneur Sachin Dev Duggal’s venture Builder.ai.
Existing and new investors including Iconiq Capital, Jungle Ventures and Insight Partners also participated in the round. The latest round is at about 1.8x times its previous valuation when it raised $100 million in Series C in March 2022. It, however, did not disclose its valuation.
The capital infusion will help the company invest in talent, technology and partnerships, it said in a statement.
The startup has raised over $450 million since its first fundraise in 2018, with backers that include private equity firm Insight Partners and big tech giant Microsoft.
Founded in 2016, London-based Builder.ai offers an artificial intelligence platform that allows users to build software in a manner similar to combining features like reusable Lego-blocks.
“Our team is already investing this capital in our AI and automation capabilities so we can empower our customers more and at the same time use new frontier technology responsibly,” said Duggal.
The funding comes at a time when AI, with its automation capabilities, has been the talk of the technology world. Buildere.ai claims to have more than doubled its revenue in the last year. Considering the demand, the company has doubled its headcount since January 2022, expanding its presence beyond the UK to the US, the UAE, Singapore and France. As per LinkedIn, the company has over 450 employees in India.
“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.