The Rise of No-Code Platforms and Bryter's New Funding

Enterprises are increasingly witnessing significant adoption of no-code platforms. Individuals without formal technical training – often referred to as “citizen coders” – are leveraging software to automate repetitive tasks and streamline their workflows.

Bryter Secures $66 Million in Series B Funding

Bryter, an AI-powered no-code startup, has announced a new funding round of $66 million. This investment will be directed towards platform development and expansion within the U.S. market, building upon their existing New York office established last year. The funding follows a period of substantial demand for their solutions, as stated by CEO and co-founder Michael Grupp.

Grupp, who founded the company alongside Micha-Manuel Bues and Michael Hübl, emphasized the shift in focus from technology itself to practical application. “What has become clear is that users are primarily concerned with achieving desired outcomes, not the underlying technology,” he explained.

A Growing Customer Base

Bryter’s customer portfolio includes prominent organizations such as McDonald’s, Telefónica, PwC, KPMG, and Deloitte in Europe. They also serve clients in the banking, healthcare, and industrial sectors.

Investment Details and Key Backers

Tiger Global led this funding round, with participation from existing investors including Accel, Dawn Capital, Notion Capital, and Cavalry Ventures. Individual backers include Amit Agarwal (Datadog CPO), Lars Björk (former Qlik CEO), Ulf Zetterberg (Seal Software founder/CEO), and James Fitzgerald (former ServiceNow global SVP). While the specific valuation remains undisclosed, Bryter has now raised approximately $90 million in total funding.

Rapid Growth in the No-Code/Low-Code Space

Just last June, Bryter completed a $16 million Series A round co-led by Accel and Dawn. This swift funding progression highlights the growing interest in the no-code/low-code sector and the company’s proactive approach to capitalizing on market opportunities. Since the Series A, Bryter’s enterprise customer base has doubled, reaching 50 clients.

Bryter is not alone in this space; companies like Airtable, Genesis, Rows, Creatio, and Ushur are also developing tools that empower non-technical users to create technology solutions.

The Role of Automation

The increasing prevalence of automation is a key driver behind the demand for these platforms. Modern knowledge workers spend a significant portion of their time within various applications. While some tasks still require human intervention, software has already automated a considerable amount of work.

Robotic Process Automation (RPA), spearheaded by companies like UiPath, Automation Anywhere, and Blue Prism, has been instrumental in automating tasks like form processing and data entry. However, many transactions and activities within specific applications remain untouched by RPA, presenting an opportunity for no-code tools like Bryter.

Bryter's Position in the Automation Landscape

“In many instances, we function as a layer on top of RPA,” Grupp stated.

Applications of Bryter's Platform

Bryter’s platform is being implemented across various business functions, including compliance, legal, tax, privacy, security, procurement, administration, and HR. The solutions being developed encompass virtual assistants, chatbots, and interactive self-service tools.

These tools are designed to augment human capabilities, reducing the time spent on repetitive tasks and potentially improving customer interactions by providing self-service options.

Factors Driving Investment

The company’s scalability and rapid adoption by a diverse user base beyond traditional tech early adopters were key factors in securing the funding.

Investor Perspectives

John Curtius, a partner at Tiger Global, commented, “Bryter embodies the characteristics of a leading software company: a high-quality product addressing a genuine customer need, a substantial market opportunity, and a world-class founding team.” He further noted the overwhelmingly positive customer feedback received during their research.

Evgenia Plotnikova, a partner at Dawn Capital, added, “Bryter has experienced remarkable growth, securing significant clients across numerous sectors and use cases. This is unsurprising, as digitalization is now a necessity in the current global landscape.”