Appsmith Announces $ 10.5 Million Series A and Seed Funding Rounds to Develop Low-Code Open Source Software
SAN FRANCISCO – (COMMERCIAL THREAD) – Appsmith, the first open source low-code software to help developers build in-house tools, today announced it has raised $ 8 million in Series A funding. Led by Canaan Partners, with additional investors participating Accel Partners, Bessemer Venture Partners, OSS Capital and angel investor Prasanna Sankar, co-founder and CTO of Rippling, the round follows an initial $ 2.5 million Accel seed round, bringing the total funding to $ 10.5 million.
The company was founded in mid-2019, and its open source software has been downloaded over 5 million times with users at over 1,000 businesses in over 100 countries. He has more than 5,000 stars on GitHub and 130 contributors, including 100 outside the company. Appsmith is the first low-code, open-source software that helps developers quickly build custom (often critical but time-consuming) internal and CRUD (create, read, update, and delete) apps, typically in just a few hours. For example, a utility company had a complex requirement for a single view of customer data that pulls data from 17 different sources like Zendesk, multiple databases, Salesforce, and more. A software engineer created the application in two days, which would have taken months of work and is now used by over 200 users across the company.
Every business needs to build custom applications – a slow, repetitive, and expensive process – that requires work to build the user interface, write integrations, code business logic, manage access controls, and ultimately deploy the application. In comparison, Appsmith is 10x faster to allow software engineers to build user interface with predefined components, code business logic by connecting APIs (application programming interfaces) to any database , and then test and deploy a web application. Companies devote between 10 and 40% of their engineering resources to these internal tools. According to Gartner, the market for low-code development technologies is $ 13.8 billion.
“The low-code market is vastly underestimated and will see rapid growth as developers adopt new platforms like Appsmith to automate the processes needed to create custom software,” said Joydeep Bhattacharyya, Canaan General Partner. Partners. “Appsmith’s open source approach prioritizes the developer’s experience while providing flexibility not possible with traditional SaaS. The team sees tremendous interest from many industries and for many different use cases, which only underscores the universality of the problems Appsmith solves.
“Appsmith responds to the overwhelming shortage of developers and the need to simplify the development process through automation,” said Shekhar Kirani, Accel partner. “Custom and CRUD internal applications are the workhorses of any business that relies on these applications in their operations. Everyone is looking for a solution to fix these problems faster and more effectively. The Appsmith team is well qualified and shows great strides in providing its open source technology to help companies deal with the backlog of internal applications.
“Everything we do is with the developer in mind to empower every business to create great software that meets their most pressing internal needs,” said Abhishek Nayak, Co-Founder and CEO of Appsmith. “We simplify internal application development by providing a highly customizable platform that uses a modular approach which is open source software freely available to anyone to make application creation super easy and fast for software engineers. ”
Appsmith was founded in 2019 with the mission of empowering backend engineers to quickly build in-house web applications with a low-code approach. Taking an open source software approach gives anyone access to the software and the opportunity to get involved in the community. The company has offices in San Francisco and Bangalore, India. For more information, visit https://www.appsmith.com.