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Engineer.ai, a company that develops human-assisted AI platform that helps build digital products, raised Series A funding of $29.5 million. The funding was led by Lakestar and Jungle Ventures with participation from Softbank’s DeepCore.
Sachin Dev Duggal, co founder, said, “Almost 70 per cent of the funding will go in engineering and 30 per cent in customer acquisition.”
Engineer.ai launched Builder that allows people and businesses to custom-build digital products through human-assisted AI in June 2018 in India. The platform can be used for building different applications such as mobile apps, websites, e-commerce platforms and wearables. It was later launched in the US, UK and Japan.
On the Builder platform, people can choose the kind of product they want by browsing through a template of popular applications such as Ola and Facebook. Once you are done choosing, you will get the entire cost upfront, which can be paid on a weekly basis.
Cost might vary anywhere between ₹2 lakh and ₹35 lakh depending on customer needs. Duggal explained to BusinessLine that, “For an enterprise customer who wants more flexibility and functionality, cost will be more whereas for a micro, small and medium enterprise it may amount to ₹2-2.5 lakh.” The company works with over 32,000 engineers across East Europe, India and the US to get the products delivered on time. It is currently building its capacity in Japan to cater to the market.
The engineers belong to companies that outsource talent, where Engineer.ai has formed partnerships. The products are hosted on three cloud platforms including Azure and AWS. The company is in talks with three more cloud partners for hosting.
Engineer.ai registered revenues of $23 million for the fiscal ended March 2018 and expecting to close March 2019 at $46 million. It is bootstrapped and so far $8 million has gone into building the platform.
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