Emergent, the maker of software applications, has raised $70 million in a SoftBank Vision Fund round led by opens new tab and Khosla Ventures, the firm announced Tuesday.
Author: Akshita Jain | EQMint | Market News
The Series B round follows the startup’s $23 million Series A round from Lightspeed Venture Partners, Prosus (PRX.AS), opens new tab and others, and a further round from the Google AI Futures Fund in December. Prosus, Lightspeed, Together Fund and Y Combinator also participated in the current round.
Emergent’s Rapid Growth and Expansion Plans
The company did not specify the price at which the Series B round was raised.
SoftBank invested in an Indian startup last year, but has largely only done follow-on rounds to keep its shares in the company.
The company claims to have over 5 million users and $50 million in revenue annually recurring within seven months of its launch.
“Emergent is very early in shaping the way software is created and monetized over the next decade, not just the next product cycle, and its users are quick to share their successes,” said Vinod Khosla, founder of Khosla Ventures.
The emerging co-founder and CEO, Mukund Jha, who founded the now-defunct hyperlocal delivery and quick commerce firm Dunzo, told Reuters that the startup wants to use the profits to expand its research and engineering teams in San Francisco and Bengaluru, and build more products.
“A lot of the money will go into building and further developing our products and also furthering our research into coding agents,” Jha said.
He said the startup is getting interest from those who want to build a business on top of apps, and that the “democratization of software building” will be “a massive trend”.
Emergent Enables End-to-End AI-Driven Software Development
Emergent allows users to create software simply by typing instructions into a chat interface. The platform can build websites, mobile applications, and desktop software, and it automatically reviews the generated code to detect and fix bugs before deployment.
Emergent states that its platform is a great tool for not only nontechnical employees but also for professional developers. The in-house software team of a company can rely on the platform to churn out working feature prototypes much quicker than they could by hand. Such miniatures help in locating edge cases, or rare bugs, and gathering customer reactions.
Developers and interface designers may communicate their work through a co-working feature embedded. When the source code and the layout of a program are finalized, the parties can employ an AI assistant to produce the documentation. Furthermore, a GitHub integration is in place to facilitate storing Emergent-created code in a company’s production repository.
Admin users may set up rules about how much different developers can change the existing Emergent projects. The firm claims that similar user controls can also be applied to AI-created apps’ users. Emergent offers features such as creating a sign-in process for users, password hashing, and setting usage limits.
The tool is suitable for different scenarios. A big company may leverage Emergent to develop simple apps automating employees’ manual labor. Startups can, on the other hand, use it to turn out commercial software products. Emergent integrates with payment service providers such as Stripe, through which users can charge money for the AI-generated software.
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