Human-assisted AI startup Engineer.ai has raised $29.5 million (INR 210 crores) in series A funding round from Lakestar and Jungle Ventures. Softbank’s DeepCore also participated in the funding round.
Founded by serial entrepreneur Sachin Dev Duggal, Engineer.ai helps everyone to build their ideas without the knowledge of coding, and any idea can be brought to life without wastage of time, money and resources.
Sachin Dev Duggal, Co-founder and Chief Wizard of Engineer.ai. said, “The capital comes at a time of rapid growth and will propel the platform into the mainstream, allowing Builder to open the door for entire categories of companies that could not consider it before.”
The company will use 65 per cent of the fresh capital for engineering purposes and the rest for customer acquisition, it said in a statement. The current headcount in the company is 150 across the globe, and the company claimed that it will double this to 300 by June 2019.
Currently, the platform has more than 32,000 engineers out of which 10,000 are from India. The company plans to increase this number to 2,50,000 engineers from India within the next 2 years.
Engineer.ai has launched a new product called ‘Builder’. It is an AI-powered Software Assembly line that breaks projects into small building blocks of re0usable features that are customized by the engineers for bespoke software at a fraction of the time and price of traditional development.
The startup also provides integrated services to its clients with extended warranty using Builder Care to the CloudOps marketplace. It provides access to everything the software might need including hosting, microservices as well as marketing.
With a total client base of over 5,000, the company has expanded its presence to multiple nations across segments like e-commerce and m-commerce platforms. Out of the clients, 264 are enterprise customers including BBC, Virgin while the rest are small and medium-sized businesses.
Engineer.ai grabbed a revenue of $23.1 million in FY18, and it estimates that it will register $45 million revenue in FY19. India’s contribution is expected to be $35 million. The startup is focusing on the APAC region mainly India, MENA and South East Asia to expand their presence.