Sachin Dev Duggal Engineer.ai planning to expand - PowerPoint PPT Presentation

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Sachin Dev Duggal Engineer.ai planning to expand

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Sachin Dev Duggal Engineer.ai has raised $29.5 million in a funding round. Engineer.ai has global presence including offices in Delhi NCR, Mumbai, Los Angeles, London, and Tokyo. – PowerPoint PPT presentation

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Title: Sachin Dev Duggal Engineer.ai planning to expand


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Sachin Dev Duggal Engineer.ai planning to expand
2
AI assembly line platform Engineer.ai has raised
29.5 million in a funding round led by Lakestar
and Jungle Ventures with participation from
Softbanks 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, Sachin Dev Duggal 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
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.
3
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 Sachin 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.
4
Jungle Ventures closes 240 Mn worth Fund III
from Temasek, IFC and others Singapore based
early-stage venture capital (VC) firm Jungle
Ventures has made the final close of its third
fund at 240 million including 40 million in
separately managed account commitments. Cisco
Investments, German development finance
institution DEG- Deutsche Investitions, Temasek,
Bualuang Ventures, and World Banks private
market investment arm IFC, among others, are the
major investors in the latest funding round. The
new fund, third in a row, will have a sharp
focus to invest in innovative technology and
digital-driven consumer businesses across
Southeast Asia. Launched in 2012 by Anurag
Srivastava and Amit Anand, Jungle Ventures had
made the first close of Fund III at 175 million
from the investors mentioned above in April,
this year. Unlike the majority of the venture
firms, it focuses on limited startups to build
regional or globally category-leading
businesses. With over 30 investment in
startups, Jungle Ventures bets comprise of
various startups including RedDoorz, Moglix,
human-assisted artificial intelligence platform
Engineer.ai, fintech startup PaySense, Vayana
Network, and LivSpace, among others.
5
Its latest investment was worth 6 million in POS
software solution startup KiotViet in August
2019. At present, Jungle Ventures manages
assets a shade above 350 million across its
three funds and claims to be the latest among
early-stage funds that have closed their latest
investment vehicles. Jungle Ventures had closed
its first fund in 2012 at 12 million, while its
second fund worth 100 million was closed in
2016. Over the past year, several India focused
VC firms have been raising new corpus. Earlier
this month, Inventus Capital Partners had made
the final close of its third fund Inventus-III
at Rs 369 crore. DSG Consumer Partners had also
made the final close of its third flagship fund
at 65 million in August this year. Source
https//entrackr.com/2019/10/jungle-ventures-close
s-fund- iii-at-240-mn/
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