LA and London-based Engineer.ai launched two and a half years ago by invitation only.
Its platform integrates artificial intelligence (AI) with crowdsourced teams of both developers and designers in a bid to create custom-made digital products, which they claim to be less than a third of the entire cost and twice the speed of conventional software development.
Recently, the company disclosed during the recently-held Web Summit that it had fundraised Europe’s biggest Series A investments at a whopping $29.5 million.
The exercise was led by both Jungle Ventures and Lakestar and included the participation of SoftBank’s DeepCore. This is among the largest series A rounds in Europe to date.
The company’s “Builder” product breaks down projects into several building blocks made up of re-usable aspects that are modified by human engineers across the globe.
In turn, this makes the process cheaper in comparison to the average process.
Engineer.ai’s Founder Sachin Dev Duggal stated: “We created Engineer.ai so that everyone can build an idea without learning to code. This investment round validates our approach of making bespoke software effortless. The capital comes at a time of rapid growth and will propel the platform into the mainstream, allowing Builder to open the door for entire categories of companies that could not consider it before.”
Dev Duggal also claimed: “At a certain level we compete with Gigster albeit we have really taken a very different approach (assembly line and buying excess capacity from over 100 Dev shops in 10 time zones) whereas they are a modern-day consulting shop. This means we have a massive scale with access to 32,000 devs and designers, we have over 500 building blocks that save our customers paying for features (code and designs) that we have already done. The dev shops thus also don’t compete with us as we buy capacity from them and will soon be offering them a way to partner on go to market.”
“We’re believers in Engineer.ai’s total ecosystem; making Bespoke Software like the iPhone with aftercare and a marketplace for all recurring services,” said the Managing Partner and Co-founder of Jungle Ventures Amit Anand.
“Software is the center 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. By creating an AI-powered assembly line combined with the best global human talent, Engineer.ai’s Builder bridges the gap between an idea and a software product to enable it,” asserted Manu Gupta, who is a partner at Lakestar.
Established back in June 2018, Engineer.ai has been utilized in the creation of products such as Zik Truck, Manscore, BBC and DiditFor.