London-Based Startup Builder.ai Raises $250 Million
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London-Based Startup Builder.ai Raises $250 Million
(Bloomberg) -- Builder.ai, an artificial intelligence company based in London, has raised $250 million in a funding round led by the Qatar Investment Authority, the Gulf state’s $450 billion sovereign wealth fund.
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The funding round is part of a surge in global venture capital investment into AI companies. Other investors in the deal included Iconiq Capital, Jungle Ventures and Insight Partners. The company declined to provide its valuation.
Builder.ai co-founder Sachin Dev Duggal said that Builder.ai would put the new funding toward research, and developing Natasha, its “AI project manager,” which can perform tasks like breaking up projects into distinct steps. The startup’s tools aim to allow users to build software without extensive coding or tech knowledge.
Duggal praised the startup’s lead investor, QIA, as a “long-term partner” thinking “beyond the seven-year VC cycle.” The comments echo those of venture capitalists and executives who have recently looked to Gulf states for capital amid a larger tech downturn.
The new funding brings the total amount raised for Builder.ai to more than $450 million.
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