Appsmith raises $41 million for its low-code app development platform
Appsmith Inc., a startup competitor in the low-code software development market, today announcement that it closed a $41 million funding round led by Insight Partners.
The venture capital firm was joined by Accel, Canaan, OSS Capital and several angel investors. Appsmith previously raised a $10.5 million funding round last October.
Low-code development tools allow software teams to build applications with less manual labor than the task usually requires. These tools typically offer pre-packaged application components that eliminate the need to build everything from scratch, which saves a lot of time. The result is that software teams can create new applications faster.
San Francisco-based Appsmith provides a specialized low-code development platform aimed at helping companies build apps for internal use. A company could, for example, use the platform to create a program that helps its supply chain team track inventory levels. Or he can create a tool to handle technical support requests.
One of the most complicated, and therefore time-consuming, tasks involved in creating an application is setting up the database that will store the application data. Appsmith provides pre-packaged connectors for popular databases to make it easy. The platform supports multiple SQL and NoSQL systems, as well as cloud services such as Amazon S3 that applications commonly use to store information.
Creating a new application also requires creating a user interface. Appsmith offers a collection of over 45 ready-to-use interface elements, including buttons, menus, charts, and forms. For added measure, the startup has created a set of app templates that cover common use cases in areas like supply chain management, customer support, and marketing.
Appsmith offers its platform under an open-source license. The platform has been downloaded more than 10 million times to date, according to the startup, and is used by more than 10,000 organizations. Appsmith plans to generate revenue by providing support services and releasing a commercial version of its software that will provide additional cybersecurity features not included in the open source edition.
“This funding round was done to meet the demand we are seeing for our open-source platform to build mission-critical, non-customer-facing in-house applications, so they are often deprioritized,” said the co- founder and CEO of Appsmith. Officer Abhishek Nayak. “As a result, companies of all sizes and many different industries rely on Appsmith as an easy way to build custom apps to solve this problem.”