Artificial intelligence startup Engineer.ai has raised around ₹210 crore ($30 million) in a series A funding round led by Jungle Ventures and Lakestar, along with participation from SoftBank‘s DeepCore.
The funds raised will be used for engineering and for customer acquisition, as it looks to grow the business.
Engineer.ai was founded by Sachin Dev Duggal and Saurabh Dhoot in 2012, with split headquarters in Los Angeles and London, supported by offices in Delhi and Tokyo. The startup provides a technology-enabled platform, enabling every individual to create custom software, without the need to code. It was formerly called SD Squared, before being rebranded as Engineer.ai, in 2018.
The startup’s flagship product Builder is an AI-powered Software Assembly line that breaks projects into small building blocks of re-usable features that are customised by engineers, saving time and cost for its customers.
With a team of 32,000 engineers, out of which 10,000 are from India, the startup is looking to scale up engineers from India to 250,000 in the next 24 months.
Engineer.ai has more than 5,000 customers from various domains, catering to both small and medium enterprises, along with large enterprise customers.
Manu Gupta, Partner at Lakestar, said, “Software is the centre of every business today and the market has been waiting for a solution that eliminates technical barriers to build software so that everyone can engage in the new economy.”
With the growing number of technology startups in India, Engineer.ai is looking to focus on expanding the customer base in the APAC region mainly India, MENA, South East Asia including China. The startup expects India to generate top-line revenue of $100 million by March 2021.
In FY18, Engineer.ai posted a revenue of $23 million and expects to boost its revenues to $45 million in FY19. It expects India alone, to contribute $35 million to its revenue for the next fiscal.