AI company secures nearly £30m investment for national expansion

Global venture capitalists, Lakestar, Jungle Ventures & Softbank’s DeepCore have announced they will invest £29.5m in London-based Engineer.ai.

The investment is set to offer a boost to the company who created 50 jobs in the capital with assistance from the Department for International Trade’s Global Entrepreneur Programme.

Engineer.ai’s ‘Builder’ is an AI-powered software assembly line which breaks projects into small re-usable features that can be customised with human interaction.

DIT’s Global Entrepreneur Programme is said to help overseas companies set up in the UK with the offer of expert guidance and introductions to key investors within the industry.

Since its beginnings, the programme has generated over 5,000 jobs in the UK and raised over $1bn of private investment for companies.

International Trade Secretary, Dr Liam Fox MP, said: “The UK is known across the globe for cutting edge innovation and our world-class tech companies.

“It is because of companies like Engineer.AI that last year the UK secured more tech venture capital investment than Germany, France, Spain and Ireland combined.

“My international economic department is working hard to help firms go from startup to scale-up through initiatives like the Global Entrepreneur Programme which gives guidance to budding entrepreneurs around the world.

“The Programme has seen 900 entrepreneurs invest in the UK since 2005 - creating more than 5,000 high quality jobs and raising more than £1bn in venture capital.”

Engineer.ai launched in June 2018. Before the end of 2020, it is projected to pass the £100m revenue mark.