Enterprise software business Locofy.ai has raised $3 million in pre-seed funding from investors including Accel, January Capital, Golden Gate Ventures, and Boldcap.
The cash will be used to expand the engineering and data science teams at the startup, which provides a platform that translates concepts into production-ready code.
Angel investors and tech founders from Ola, Hasura, Holistics, Wego, GajiGesa, 1Bstories, Ohmyhome, CyberSierra, and Wekan, as well as the former head of growth for Australian visual design platform Canva, took part in the round.
Honey Mittal and Sohaib Muhammad founded Locofy.ai in 2021 with the goal of automating 50% or more of the current workflow, allowing teams to turn their concepts to code and an interactive and responsive live prototype without writing a single line of code.
“Over the last decade, it took an army of good developers to build world class products like Airbnb and Uber. We believe that will look very different in the next decade,” said Mittal, who is also its chief executive.
Locofy.ai just launched a global beta programme and has already automated over 2 million lines of code.
“It takes an enormous amount of time and bandwidth of the frontend team to translate sparkling designs into precise code. Locofy.ai will solve this problem by providing high quality translation and provide flexibility for dynamic variables,” said Abhinav Chaturvedi, partner, Accel India.
According to the company, shortage of good tech talent is a global problem that has only amplified during the Covid-19 pandemic. “Fuelled by an explosion of VC funding, reliable low-cost development hubs like India and SEA have rapidly transformed into highly competitive innovation ecosystems with their own tech talent shortage,” it said.
“Organisations are confronting this challenge by leveraging high-productivity low-code development tools such as Locofy.ai. The IDC forecasts that by 2025, nearly 60% of all part-time developers and roughly one-third of full-time developers will be low-code developers, with low-code developers growing over 3x faster than traditional developers,” the release said.
