Engineer.ai eyes India expansion with $29.5 Mn from Lakestar, Jungle Ventures and SoftBank
Human-assisted artificial intelligence platform Engineer.ai has raised $29.5 million in a funding round led by Lakestar and Jungle Ventures with participation from Softbank’s DeepCore.
The startup with global presence including offices in Los Angeles, London, Delhi NCR, Mumbai, and Tokyo will use the capital to go deeper in engineering operations and drive customer acquisition.
Besides, the Sachin Dev Duggal led company is also planning to expand its operations in the Asia Pacific region, especially India, South East Asia including China.
Touted as the low code no code AI platform, Engineer.ai enables budding entrepreneurs to order their own app at a low price from a network of 50 software firms and 10,000 developers.
Engineer.ai’s ‘Builder’ solution allows companies to get customised apps built for Android, iOS and other platforms. Its customers include Eros Now, Videocon, HSBC, SF Giants, Deutsche Bank as well as a slew of startups and entrepreneurs in India.
Engineer.ai, is one of the top brokers of Amazon Web Services (AWS) in India. By reselling AWS to more than 500 customers, the startup makes money through arbitrage.
It buys future capacity from AWS in bulk and then, using AI algorithms to manage the flow, parcels out blocks to clients for higher rates.
Founded by Duggal and Saurabh Dhoot in 2012 as SD 2 Labs, the startup was rechristened Engineer.ai and then launched in June 2018. It has over 150 employees spread across India, US and the UK. By June next year, the startup aims to double its headcount to 300.
Engineer.ai claims to have bootstrapped to $24 million in revenue. Further, it is eyeing to cross the $100 million revenue mark by 2020.
Source: Entrackr
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