Appsmith Raises $10.5 Mn Funds to Develop Low-Code Open Source Software

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Appsmith, the open source low code software helping developers build internal tools, today announced that it has raised $8 million in Series A funding. Led by Canaan Partners, with participation from additional investors Accel Partners, Bessemer Venture Partners, OSS Capital and angel investor Prasanna Sankar, co-founder and chief technical officer, Rippling, the round follows an earlier seed round from Accel of $2.5 million, bringing the total funding to $10.5 million.

Appsmith helps developers build custom (often critical yet tedious) internal and CRUD (create, read, update, and delete) type applications.

Every enterprise needs to create custom applications — a slow, repetitive, expensive process — that requires work to build the user interface, write integrations, code the business logic, manage access controls and ultimately deploy the app.

The company claims to be ten times more faster at enabling software engineers to build the user interface with pre-built components, code the business logic by connecting APIs (application programming interfaces) along with any database, then test and deploy a web application. Companies dedicate anywhere from 10%-40% of their engineering resources to these internal tools. According to Gartner, the low code development technology market is $13.8 billion.

“The low-code market is greatly underestimated and will grow fast as developers adopt new platforms like Appsmith to automate processes required in building custom software,” said Joydeep Bhattacharyya, general partner, Canaan Partners. “Appsmith’s open-source approach priorities the developer experience while also providing flexibility not possible with traditional SaaS. The team is seeing tremendous interest from many sectors and for many different use cases, which only highlights the universality of the problems Appsmith solves.”

“Appsmith is addressing the crushing shortage of developers and the need for simplifying the development process through automation,” said Shekhar Kirani, partner, Accel.

 

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