Appsmith, a low-code platform for building business applications, gets $41M

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For the last few year s, Appsmith discreetly creates an open source platform for in-house development teams to build the custom apps they need. These are business applications that companies typically build themselves to give them access to data in a smarter and more visual way.

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Although marketed as low-code by the company, it is intended to speed up the development process for experienced developers, not to help business users create applications as some low-code application frameworks do.

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The company today announced a $41 million Series B round, which is a pretty significant round at a time when venture dollars are getting harder to come by, especially for a pre-earnings company, but investors are looking at the growth potential of a startup using an open source project. . like a trampoline.

Abhishek Nayak, co-founder and CEO of the company, says that although they are in the low code category, this is actually a product aimed at developers who want to move faster when it comes to building internal applications.

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“These apps are designed to be used by internal team members, not external clients. So the focus is on Appsmith. It makes things a lot faster for the developer, and so you might consider it a low-code product because it means the developer writes less code… but many developers consider Appsmith to be a framework for building apps,” Nyack explained.

It does this by providing many of the components required to build an application, whether it’s front-ends, data connectors, or access controls that developers often have to build from scratch. This includes providing drag and drop user interface components. Secondly, developers can connect to a data source or use an API to connect to a source that is not available out of the box. Finally, it manages access so you can control who can use the tool internally. Each component is configurable, so developers have the flexibility to adapt the components provided by Appsmith.

The company currently has 95 employees working in 16 countries, the majority of which are currently based in India, followed by the US and Nigeria, he said. He plans to double the headcount by early next year and believes geographic diversity helps in creating a diverse workforce overall.

He notes that the remoteness has helped especially when it comes to hiring more women. “We have seen that working remote and flexible definitely helps us just get more women to work with us. While we can definitely do a lot more, we are quite happy with the pace at which we can hire women, especially around the world, not just in India,” he said.

Even though the company is still not making a profit, it has grown its user base 15 times in the past year and there are over 7,000 active users on the platform each month using the tool. The new investment will give him time to focus on the open source community before building the inevitable commercial product. He believes he has at least 4 years of runway, so that’s enough time to build a product and generate revenue, but he’ll start thinking about it within a year, he said.

Today’s $41 million Series B investment was led by Insight Partners, with contributions from Accel, Canaan Partners, OSS Capital and individual angels.


Credit: techcrunch.com /

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