Emergent Labs Inc., a startup developing an AI platform for application building, has successfully raised $23 million in funding.
This Series A round was led by Lightspeed Venture Partners, with participation from Y Combinator, Google LLC Chief Scientist Jeff Dean, and several other investors. This investment brings Emergent's total external funding to $30 million.
The company's AI platform enables enterprise users to generate applications through natural language commands. Development begins with a ChatGPT-like interface where users can input high-level descriptions of the software they want to build. Emergent then generates the necessary code and provides a step-by-step overview of its execution.
Customers can integrate their developed software with internal company systems. For example, sales teams can grant their Emergent application access to their customer relationship management platform. Team members can create an AI agent to analyze CRM data and evaluate seasonal sales fluctuations.
Emergent can also create AI agents for various other tasks. The platform automates market research, executes repetitive business tasks at specified times, and builds software integrations. Customer-developed coding agents can access GitHub repositories through built-in connectors.
The company states that customers can use its platform not only to build internal applications but also customer-facing software. For instance, retailers can create a portal allowing customers to submit product return requests.
In the background, Emergent utilizes a set of AI agents to create applications. These agents generate code, test for errors, and automatically fix any issues found. They also build cybersecurity features. Emergent can equip applications with authentication features and password hashing mechanisms to store user login credentials in an unreadable format.
The company offers four versions of its platform. The most advanced individual plan is the Pro tier at $167 per month, offering a context window of one million tokens. Emergent also provides two business subscriptions with additional cybersecurity and collaboration features.
Emergent officially launched its platform in June. Since then, it has attracted over one million users and generated $15 million in annual recurring revenue.
The company uses the platform to build not only cloud applications and websites but also mobile applications. Currently, these mobile applications are supported by an open-source development framework called Exo. It is reported that plans are underway to replace Exo with custom tools and develop features that make it easier for developers to monetize their applications.
