No-code SaaS startup Builder.ai to target new markets, double headcount over the year
Summary
The Artificial Intelligence (AI)-based low-code / no-code app development platform came out of its Beta in November 2019 and saw a straight-up acceleration of business by March-April of 2020. Owned by parent entity Engineer.ai, Builder.ai was launched as a product in 2016 by Sachin Dev Duggal and Saurabh Dhoot, both alumni of Imperial College of London. Sachin says the company takes an average of 52 days to close a sales deal with enterprise grade clients, as compared to industry norm of nearly nine months. According to a report by Gartner, the global low-code development technologies market was projected to grow to $13.8 billion, an increase of 22.6 percent over 2020, with SaaS vendors and hyper-automation driving the adoption of these solutions. The company also plans to expand its business across continental cities in the US, APAC, MENA, and the UK, with the new round of capital raise.