Enterprise software firm Locofy.ai has secured $3 million in pre-seed funding from investors including Accel, January Capital, Golden Gate Ventures and Boldcap, the firm said in a news release.
The corporation, which offers a platform that converts designs to production-ready code, will use the funding to expand its engineering and data science teams, it said.
Angel investors and tech founders from companies such as Ola, Hasura, Holistics, Wego, GajiGesa, 1Bstories, Ohmyhome, CyberSierra and Wekan, and Australian graphic design platform Canva’s former head of growth, also participated in the round.
Muhammad,Locofy.ai aims to automate 50% or more of the current workflow, allowing teams to convert their designs 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 has recently opened its beta program globally and already automated more than 2 million lines of code.
“It takes an huge 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 firm, 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.
