A London-based artificial intelligence firm today announced a $250 million cash injection led by the Qatari sovereign wealth fund as investors rush to cash in on the boom in AI technology.
Builder.ai, which uses AI to allow businesses and people to build software, said the Qatari Investment Authority (QIA) led the new funding round alongside existing investors including Iconiq Capital, Jungle Ventures and Insight Partners. Did.
Bosses said they are now eyeing a new wave of investment in “talent, partnerships and technology” after doubling their workforce since January last year.
Builder.AI declined to give a valuation figure for the firm after the latest funding boost, but said it built on its so-called ‘unicorn’ valuation of more than $1 billion.
In a statement, QIA said that Builder.ai was a “pioneer in the space” and was now ready for bumper growth.
“We believe Builder.ai’s innovative technology and proven approach position the company for substantial growth in the future,” said Ahmed Ali Al-Hammadi, CIO for Europe, Turkey and Russia at QIA.
“This investment is in line with QIA’s strategy to support innovative companies shaping the future of the global economy,” he added.
Builder.ai founder Sachin Dev Duggal said the world is “at an incredible time in history where the perception of software is changing”.
The London-headquartered tech conglomerate has opened four new offices from 2021 and now has a presence in the US, UAE, Singapore and France. Revenue has more than doubled in the past year and it has announced major partnerships with companies like Microsoft.
Builder.ai has now raised over $450 million from investors since its inception in 2016, the latest round coming amid a flood of cash into AI technology fueled by the rise of ChatGPT.
According to data from investment analysis firm PitchBook, $1.69 billion was pumped into AI firms in the first three months of the year, up from just $0.73 billion in the last three months of last year.
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