Engineer.ai, the US-based creator of an artificial intelligence-equipped software development platform, has secured $29.5m in series A round featuring DeepCore, the AI-focused fund owned by telecommunications firm SoftBank.
The round was co-led by venture capital firms Lakestar and Jungle Ventures and valued Engineer at $70m, according to the Financial Times.
Engineer’s Builder technology enables users to build custom software without needing to know how to code. It breaks down the development process into blocks and provides an extended warranty service and access to a marketplace for software features such as messages or notifications.
The series A proceeds will be used to enhance the company’s product, which was launched in June 2018, and Singapore-headquartered Jungle Ventures will help it expand in Asia.
Engineer.ai founder Sachin Dev Duggal said: “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.”