AI assembly line platform Engineer.ai has raised $29.5 million in a funding round led by Lakestar and Jungle Ventures with participation from Softbank’s DeepCore.
With a global presence including offices in Los Angeles, London, Delhi NCR, Mumbai and Tokyo, the startup will use the capital to go deeper into engineering operations and drive customer acquisition.
Apart from this, Engineer.ai CEO, Sachin Dev Duggal 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 app at a lower price from a network of 50 software firms and 10,000 developers.
Engineer.ai’s Builder solution allows companies to get customized applications built for Android, iOS and other platforms. Its clients include Eros Now, Videocon, HSBC, SF Giants, Deutsche Bank as well as a group of startups and entrepreneurs in India.
Engineer.ai is one of the top brokers for Amazon Web Services (AWS) in India. By reselling AWS to over 500 customers, the startup makes money through arbitration.
It buys future capacity from AWS in bulk and then, using Artificial intelligence 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 invested $24 million in revenue. In addition, it is set to cross the $ 100 million revenue mark by 2020.