AI-based startup entity Bryter, has already created platforms that are applied by 100 global entities and 2,000 business applications and other necessary workflows. It has now confirmed its fresh funding round of $66 million (Series B) for expansion in the U.S. market, while it has also set up its New York office for this purpose. As per Michael Grupp, the company’s co-founder cum CEO, the funds come after demand has skyrocketed for the solutions offered by Bryter. He states that the business was started with other founders like Micha-Manuel Bues and Michael Hubl, and they have had a great year in the no-code/no-code platform category. The service is already drawing clients throughout Europe, including the likes of KPMG, Deloitte, PwC, McDonald’s and Telefonica. Many banks, manufacturing units, and healthcare units, are also using these services.
The lead investor is Tiger Global, while earlier investors are all participating. This list includes the likes of Accel, Dawn Capital, Cavalry Ventures, and Notion Capital, in tandem with individuals such as Lars Bjork, James Fitzgerald, and Amit Agarwal. While Bryter has already got $90 million in cumulative funding, its valuation is still officially unknown.
The Series A round of $16 million into the company was led by Dawn and Accel sometime earlier around June, 2020. The fast pace of funding indicates the growing demand in the low/no code segment, along with how entrepreneurs are swiftly raising capital while things are going well. There are many such companies in the space including Rows, Genesis, Airtable, Ushur, and Creatio. The platform has already found traction in zones like security, compliance, privacy, legal, procurement, tax, administration, and even HR. There are also other features in the offing, like chatbots, virtual assistants, and tools for self-service. Tiger Global Partner John Curtius has stated that Bryter can readily offer the solution to a major pain point for the user. It already has huge potential in the global market, along with a great leadership and management team alongside. Consumers have also given positive feedback to the company, in his opinion. Bryter has seen fast growth over the last twelve months or so, inking new clients throughout diverse functions and sectors.