AI startup Engineer.ai looks at 77 Percent Revenue From India in FY19

Artificial Intelligence News

AI-based_startup_Engineer.ai_looks-at_77-Percent_Revenue_From_India_in_FY19 AI startup Engineer.ai looks at 77 Percent Revenue From India in FY19San Francisco-based startup Engineer.ai that makes AI-based software to help non-programmers build own software without coding, foresees India business to contribute around 77 percent to its global revenue for the FY 2019.

Founder at Engineer.ai, Sachin Dev Duggal said that their global revenue for FY 2018 was USD23.1 million which the company expects to increase to USD45 million for the current year. The contribution from India operations will be around USD35 million which is very significant for the company. The AI startup will also double its headcount from current 150 across the US, UK, and India to up to 300 by June 2019. Recently, Engineer.ai hoisted USD 29.5 million Series A round led by venture capital firms Lakestar and Jungle Ventures, with participation from Softbank’s DeepCore. Duggal noted that 65 percent of the capital will be used for engineering purposes and the rest for customer acquisition. By March 2021, India will generate top-line revenue of USD100 million.

In a company statement, Partner at Lakestar, Manu Gupta stated that by creating an AI-powered assembly line combined with the best global human talent, Engineer.ai’s builder links the gap between an idea and a software product to enable it. Engineer.ai is also seeking to augment the number of engineers on the platform. Duggal pointed out that the current strength of engineers on the platform is 32,000 engineers of which 10,000 are from India. This will increase up to 250,000 engineers from India within 24 months. Introduced in June 2018, the company counts customers like BBC, Virgin Group and so on, across geographies, and markets from e-commerce and m-commerce platforms, to social apps.  Engineer.ai is focused on the APAC region particularly India, South East Asia including China, and the Middle East and North Africa.