London-based automated software development platform Builder.ai has secured $250m (£201.4m) in a Series D round that included backing from Qatar’s sovereign wealth fund.
The significant cash injection comes at a time when institutional investors are scrambling to make the most out of the current AI gold rush.
Builder.ai, which recently sold a stake to Microsoft, provides tools to quickly develop new software features.
Builder.ai founder Sachin Dev Duggal said: “We are entering an incredible time in history where the very notion of software is changing; from something that had a shelf life of years to what will eventually have a shelf life of a conversation and the volume of what is being created is only going to grow exponentially.”
The Qatari Investment Authority (QIA) acted as the lead investor for the round.
“We are confident that Builder.ai’s innovative technology and proven approach positions the company for a future of substantial growth,” said Ahmed Ali Al-Hammadi, CIO for Europe, Türkiye and Russia at QIA.
“This investment is aligned with QIA’s strategy of supporting innovative companies shaping the future of the global economy.”
The investment round also included participation from Iconiq Capital, Jungle Ventures and Insight Partners.
“Our journey with Builder.ai was fuelled by a deep-seated belief in their pioneering solution, allowing us to recognise the immense potential of this sector and anticipate the trajectory of this industry during its nascent stages,” said Jungle Ventures managing partner Amit Anand.
“As early investors, we have witnessed their exceptional growth, even amidst harsh economic climates, which demonstrates the team’s resilience and commitment to innovation.”
Builder.ai was founded in 2016 and has entered into partnerships with JP Morgan & Chase, Etisalat UAE, among others.