Open source low-code platform, ToolJet, raised funds from M12, Microsoft’s venture fund, and GitHub through the M12 GitHub Fund. While the funding amount remains undisclosed, ToolJet aims to utilize the fresh capital for strategic initiatives.
Focus on Workforce Expansion and AI Capabilities
With the investment, ToolJet plans to expand its workforce and enhance the artificial intelligence (AI) capabilities of its platform. The company aims to improve the platform’s intelligence by leveraging AI. This will enable developers to harness advanced algorithms and automation to streamline development workflows.
ToolJet – Mission to Revolutionize Software Development
In a statement, ToolJet expressed that the strategic allocation of funds will empower the company to accelerate innovation and revolutionize software development. The company aims at transforming the way software is developed to deliver exceptional value to its expanding user base.
ToolJet – Journey and Previous Funding
Navaneeth Padanna Kalathil founded ToolJet in April 2021.The platform enables customers to enhance its capabilities through JavaScript-based plugins. The startup boasts nearly 20,000 stars and 350 contributors on GitHub. Navaneeth Padanna Kalathil, the CEO of ToolJet, highlighted that this investment is a testament to the platform’s strength, community, and vision to democratize software development.
The startup has previously raised $6.1 million from notable venture capital firms and angel investors, including Nexus Venture Partners, Ratio Ventures, Better Capital, and January Capital.
Funding Landscape and Market Projection
ToolJet’s investment comes at a time when the Indian startup ecosystem continues to face challenges in securing funding. In June 2023, total funding declined by 78.5% YoY to $580.18 million, with the number of deals dropping by 25% to 94, according to report.
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