The company has allocated 65 per cent funds for improving their engineering aspect whereas the rest will go to customer acquisition.
Engineer.ai, a company which has a human assisted AI platform which helps to build software/ app for entrepreneurs to bigger enterprises raised one of 2018’s largest Series A Funding Rounds of $29.5mn led Lakestar and Jungle Ventures with participation from Softbank’s DeepCore.
Engineer.ai’s Builder is an AI-powered Software Assembly line that breaks projects into small building blocks of re-usable features that are customized by elastic human capacity from around the world; delivering high quality bespoke software at a fraction of the price and time of traditional development. Engineer.ai goes beyond just building software, providing a fully integrated service to its customers from extended warranty via; BuilderCare (This is insurance where their customers can choose to adopt to guarantee that software is always working and always up-to-date) to the CloudOps marketplace that provides access to everything the bespoke software might need (hosting, microservices, marketing, etc.
“We created Engineer.ai so that everyone can build an idea without learning to code.”
Sachin Dev Duggal
Founder and Chief Wizard
“We created Engineer.ai so that everyone can build an idea without learning to code,” said Sachin Dev Duggal, Founder and Chief Wizard of Engineer.ai. “This investment round validates our approach of making bespoke software effortless. 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 funds will be utilised for strengthening engineering operations and customer acquisition,” Sachin Dev Duggal, Founder and Chief Wizard of Engineer.ai, said.
The company has allocated 65 per cent funds for improving their engineering aspect whereas the rest will go to customer acquisition. The current strength of engineers on the platform is 32,000 engineers of which 10,000 are from India. This will go up to 250,000 engineers from India within 24 months. The head count is 150 now spread across India, US and UK – By June 2019 the head count will go up to 300.
Engineer.ai has already attracted hundreds of customers across many geographies, from e-commerce and m-commerce platforms, to social apps, who have used Builder to create products like BBC, Virgin, amongst many others.
With the Engineer.ai is focusing on the APAC region, mainly India, and is looking to expand to MENA and South East Asia including China. In order to facilitate a smooth expansion, the startup plans to build a strong base for all Builder offerings. While In India, firm’s target customers will be Enterprise along with SMB, their current strength lies in the latter as of current 5000 customers of which 264 are enterprises whereas the rest is SMB.
Engineer.ai has bootstrapped to $24 million in revenue. The company is set to cross the $100M revenue mark before the end of 2020.