Berlin’s Bryter raises $66M to take its no-code tools for enterprises to the US

No-code startups continue to see a lot of traction among enterprises, where employees — strictly speaking, non-technical, but still using software every day — are getting hands-on and building apps to take on some of the more repetitive aspects of their jobs, the so-called “citizen coders” of the working world.

And in one of the latest developments, a Bryter — an AI-based no-code startup that has built a platforms used by some 100 global enterprises to date across some 2,000 business applications and workflows — is announcing a new round of funding to double down on that opportunity. The Berlin-based company has closed a Series B of $66 million, money that it will be investing into its platform and expanding in the U.S. out of a New York office it opened last year. The funding comes on the heels of seeing a lot of demand for its tools, CEO and co-founder Michael Grupp said in an interview.

“It was a great year for low-code and no-code platforms,” said Grupp, who co-founded the company with Micha-Manuel Bues and Michael Hübl. “What everyone has realized is that most people don’t actually care about the tech. They only care about the use cases. They want to get things done.” Customers using the service include the likes of McDonald’s, Telefónica, and PwC, KPMG and Deloitte in Europe, as well as banks, healthcare and industrial enterprises.

Tiger Global is leading this round, with previous backers Accel, Dawn Capital, Notion Capital and Cavalry Ventures all also participating, along with a number of individual backers (they include Amit Agharwal, CPO of DataDog; Lars Björk, former CEO of Qlik; Ulf Zetterberg, founder and CEO of Seal Software; and former ServiceNow global SVP James Fitzgerald). The valuation is not being disclosed; Bryter has raised around $90 million to date.

Accel and Dawn co-led Bryter’s Series A of $16 million less than a year ago, in June 2020, a rapid funding pace that underscores both interest in the no-code/low-code space — Bryter’s enterprise customer base has doubled from 50 since then — and the fact that startups in it are striking while the iron is hot.

Bryter’s not the only one: Airtable, Genesis, Rows, Creatio, and Ushur are among the many startups building ‘hands-on tech creation for non-techie people’ that have raised money in the last several months.

Automation has been the bigger trend that has propelled a lot of this activity. Knowledge workers today spend most of their time these days in apps — a state of affairs that pre-dates the Covid-19 pandemic, but has definitely been furthered throughout it. While some of that work still requires manual involvement and evaluation from those workers, software has automated large swathes of those jobs.

RPA — robotic process automation, where companies like UiPath, Automation Anywhere and Blue Prism have taken a big lead — has accounted for a significant chunk of that activity, especially when it comes to reading forms and lots of data entry. But there remains a lot of other transactions and activities within specific apps where RPA is typically not used (not yet at least!). And this is where non-tech workers are finding that no-code tools like Bryter, which use artificial intelligence to deliver more personalised, yet scalable, automation, can play a very useful role.

“We sit on top of RPA in many cases,” said Grupp.

The company says that business functions where its platform has been implemented include compliance, legal, tax, privacy and security, procurement, administration, and HR, and the kinds of features that are being built include virtual assistants, chatbots, interactive self-service tools, and more.

These don’t replace people as such but cut down the time they need to spend in specific tasks to process and handle information within them, and could in theory also be used to build tools for customers to interact with services more easily, cutting down on the amount of time that agents are getting details and handling engagements.

That scalability, and the rapid customer up-take from a pool of users that extends beyond tech early-adopters, are part of what attracted the funding.

“Bryter has all the characteristics of a top-tier software company: high quality product that solves a real customer pain point, a large market opportunity and a world-class founding team,” said John Curtius, a partner at Tiger Global, in a statement. “The feedback from Bryter’s customers was resoundingly positive in our research, and we are excited to see the company reach new heights over the coming years.”

“Bryter has seen explosive growth over the last year, signing landmark customers across a large number of sectors and use cases. This does not come as a surprise. In the pandemic-affected world, digitalisation is no longer a nice to have, it is an imperative,” added Evgenia Plotnikova, a partner at Dawn Capital.


By Ingrid Lunden

TigerGraph raises $105M Series C for its enterprise graph database

TigerGraph, a well-funded enterprise startup that provides a graph database and analytics platform, today announced that it has raised a $105 million Series C funding round. The round was led by Tiger Global and brings the company’s total funding to over $170 million.

“TigerGraph is leading the paradigm shift in connecting and analyzing data via scalable and native graph technology with pre-connected entities versus the traditional way of joining large tables with rows and columns,” said TigerGraph found and CEO, Yu Xu. “This funding will allow us to expand our offering and bring it to many more markets, enabling more customers to realize the benefits of graph analytics and AI.”

Current TigerGraph customers include the likes of Amgen, Citrix, Intuit, Jaguar Land Rover and UnitedHealth Group. Using a SQL-like query language (GSQL), these customers can use the company’s services to store and quickly query their graph databases. At the core of its offerings is the TigerGraphDB database and analytics platform, but the company also offers a hosted service, TigerGraph Cloud, with pay-as-you-go pricing, hosted either on AWS or Azure. With GraphStudio, the company also offers a graphical UI for creating data models and visually analyzing them.

The promise for the company’s database services is that they can scale to tens of terabytes of data with billions of edges. Its customers use the technology for a wide variety of use cases, including fraud detection, customer 360, IoT, AI, and machine learning.

Like so many other companies in this space, TigerGraph is facing some tailwind thanks to the fact that many enterprises have accelerated their digital transformation projects during the pandemic.

“Over the last 12 months with the COVID-19 pandemic, companies have embraced digital transformation at a faster pace driving an urgent need to find new insights about their customers, products, services, and suppliers,” the company explains in today’s announcement. “Graph technology connects these domains from the relational databases, offering the opportunity to shrink development cycles for data preparation, improve data quality, identify new insights such as similarity patterns to deliver the next best action recommendation.”


By Frederic Lardinois

CTO.ai’s developer shortcuts eliminate coding busywork

There’s too much hype about mythical “10X developers”. Everyone’s desperate to hire these ‘ninja rockstars’. In reality, it’s smarter to find ways of deleting annoying chores for the coders you already have. That’s where CTO.ai comes in.

Emerging from stealth today, CTO.ai lets developers build and borrow DevOps shortcuts. These automate long series of steps they usually have to do manually thanks to integrations with GitHub, AWS, Slack, and more. CTO.ai claims it can turn a days-long process like setting up a Kubernetes cluster into a 15-minute task even sales people can handle. The startup offers both a platform for engineering and sharing shortcuts, and a service where it can custom build shortcuts for big customers.

What’s remarkable about CTO.ai is that amidst a frothy funding environment, the 60-person team quietly bootstrapped its way to profitability over the past two years. Why take funding when revenue was up 400% in 18 months? But after a chance meeting aboard a plane connected its high school dropout founder Kyle Campbell with Slack CEO Stewart Butterfield, CTO.ai just raised a $7.5 million seed round led by Slack Fund and Tiger Global.

“Building tools that streamline software development is really expensive for companies, especially when they need their developers focused on building features and shipping to customers” Campbell tells me. The same way startups don’t build their own cloud infrastructure and just use AWS, or don’t build their own telecom APIs and just use Twilio, he wants CTO.ai to be the ‘easy button’ for developer tools.

Teaching Snakes To Eat Elephants

“I’ve been a software engineer since the age of 8” Campbell recalls. In skate-punk attire with a snapback hat, the young man meeting me in a San Francisco mission district cafe almost looked too chill to be a prolific coder. But that’s kind of the point. His startup makes being a developer more accessible.

After spending his 20s in software engineering groups in the Bay, Campbell started his own company Retsly that bridged developers to real estate listings. In 2014, it was acquired by property tech giant Zillow where he worked for a few years.

That’s when he discovered the difficulty of building dev tools inside companies with other priorities. “It’s the equivalent of a snake swallowing an elephant” he jokes. Yet given these tools determine how much time expensive engineers waste on tasks below their skill level, their absence can drag down big enterprises or keep startups from rising.

CTO.ai shrinks the elephant. For example, the busywork of creating a Kubernetes cluster such as having to the create EC2 instances, provision on those instances, and then provision a master node gets slimmed down to just running a shortcut. Campbell writes that “tedious tasks like running reports can be reduced from 1,000 steps down to 10″ through standardization of workflows that turn confusing code essays into simple fill-in-the-blank and multiple-choice questions.

 

The CTO.ai platform offers a wide range of pre-made shortcuts that clients can piggyback on, or they can make and publish their own through a flexible JavaScript environment for the rest of their team or the whole community to use. Companies that need extra help can pay for its DevOps-As-A-Service and reliability offerings to get shortcuts made to solve their biggest problems while keeping everything running smoothly.

5(2X) = 10X

Campbell envisions a new way to create a 10X engineer that doesn’t depend on widely-mocked advice on how to spot and capture them like trophy animals. Instead, he believes 1 developer can make 5 others 2X more efficient by building them shortcuts. And it doesn’t require indulging bad workplace or collaboration habits.

With the new funding that also comes from Yaletown Partners, Pallasite Ventures, Panache Ventures and Jonathan Bixby, CTO.ai wants to build deeper integrations with Slack so developers can run more commands right from the messaging app. The less coding required for use, the broader the set of employees that can use the startup’s tools. CTO.ai may also build a self-service tier to augment its seats plus complexity model for enterprise pricing.

Now it’s time to ramp up community outreach to drive adoption. CTO.ai recently released a podcast which saw 15,000 downloads in its first 3 weeks, and it’s planning some conference appearances. It also sees virality through its shortcut author pages, which like GitHub profiles let developers show off their contributions and find their next gig.

One risk is that GitHub or another core developer infrastructure provider could try to barge directly into CTO.ai’s business. Google already has Cloud Composer while GitHub launched Actions last year. Campbell says its defense comes through neutrally integrating with everyone, thereby turning potential competitors into partners.

The funding firepower could help CTO.ai build a lead. With every company embracing software, employers battling to keep developers happy, and teams looking to get more of their staff working with code, the startup sits at the intersection of some lucrative trends of technological empowerment.

“I have 3-year-old at home and I think about what it will be like when he comes into creating things online” Campbell concludes. “We want to create an amazing future for software developers, introducing automation so they can focus on what makes them such an important aspect. Devs are defining society!”

[Image Credit: Disney/Pixar via WallHere Goodfon]


By Josh Constine

Cockroach Labs announces $55M Series C to battle industry giants

Cockroach Labs, makers of CockroachDB, sits in a tough position in the database market. On one side, it has traditional database vendors like Oracle, and on the other there’s AWS and its family of databases. It takes some good technology and serious dollars to compete with those companies. Cockroach took care of the latter with a $55 million Series C round today.

The round was led by Altimeter Capital and Tiger Global along with existing investor GV. Other existing investors including Benchmark, Index Ventures, Redpoint Ventures, FirstMark Capital and Work-Bench also participated. Today’s investment brings the total raised to over $110 million, according to the company.

Spencer Kimball, co-founder and CEO, says the company is building a modern database to compete with these industry giants. “CockroachDB is architected from the ground up as a cloud native database. Fundamentally, what that means is that it’s distributed, not just across nodes in a single data center, which is really table stakes as the database gets bigger, but also across data centers to be resilient. It’s also distributed potentially across the planet in order to give a global customer base what feels like a local experience to keep the data near them,” Kimball explained.

At the same time, even while it has a cloud product hosted on AWS, it also competes with several AWS database products including Amazon Aurora, Redshift and DynamoDB. Much like MongoDB, which changed its open source licensing structure last year, Cockroach did as well, for many of the same reasons. They both believed bigger players were taking advantage of the open source nature of their products to undermine their markets.

“If you’re trying to build a business around an open source product, you have to be careful that a much bigger player doesn’t come along and extract too much of the value out of the open source product that you’ve been building and maintaining,” Kimball explained.

As the company deals with all of these competitive pressures, it takes a fair bit of money to continue building a piece of technology to beat the competition, while going up against much deeper-pocketed rivals. So far the company has been doing well with Q1 revenue this year doubling all of last year. Kimball indicated that Q2 could double Q1, but he wants to keep that going, and that takes money.

“We need to accelerate that sales momentum and that’s usually what the Series C is about. Fundamentally, we have, I think, the most advanced capabilities in the market right now. Certainly we do if you look at the differentiator around just global capability. We nevertheless are competing with Oracle on one side, and Amazon on the other side. So a lot of this money is going towards product development too,” he said.

Cockroach Labs was founded in 2015, and is based in New York City.


By Ron Miller