AI company secures £29.5 million investment for UK expansion
Global venture capitalists, Lakestar, Jungle Ventures & Softbank’s DeepCore, today announced that they will invest £29.5 million in London-based Engineer.ai.
Engineer.ai announced the new investment at the Web Summit in Lisbon.
The investment is set to offer a boost to the company who created 50 jobs in London following assistance from the Department for International Trade’s Global Entrepreneur Programme.
Engineer.ai’s ‘Builder’ is an AI-powered Software Assembly line which breaks projects into small re-usable features that can be customised with human interaction from around the world. In turn, this allows for the customisation of high-quality software packages in a low-cost, and time-effective manner.
DIT’s Global Entrepreneur Programme helps overseas companies set up in the UK with the offer of expert guidance and introductions to key investors within industry. Since its beginnings, the programme has generated over 5,000 jobs in the UK and raised over $1 billion of private investment for companies.
Engineer.ai’s founder, Sachin Dev Duggal will announce the investment from the Web Summit in Lisbon, where he will meet Margot James, the Minister for Digital and Creative Industries.
International Trade Secretary Dr Liam Fox MP said:
The UK is known across the globe for cutting edge innovation and our world-class tech companies. It is because of companies like Engineer.AI that last year the UK secured more tech venture capital investment than Germany, France, Spain and Ireland combined.
My international economic department is working hard to help firms go from startup to scale-up through initiatives like the Global Entrepreneur Programme which gives guidance to budding entrepreneurs around the world. The Programme has seen 900 entrepreneurs invest in the UK since 2005 – creating more than 5,000 high quality jobs and raising more than £1bn in venture capital.
Sachin Dev Duggal, Founder of Engineer.ai said:
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.
Engineer.ai launched in June 2018 and before the end of 2020, is projected to pass the $100m revenue mark.
Minister for Digital Margot James MP said:
The UK is a haven for investment and Europe’s leading tech hub. It’s fantastic to see another one of our innovative digital firms raise the funding it needs to take a step to the next level.
We are working tirelessly to make the UK the best place in the world to start and grow a digital business.