No-code and low-code automation technology is democratizing the developer space. Unlike traditional scripting, no-code and low-code platforms often offer ready-made drag-and-drop actions and tasks that allow people with little to no coding experience to create applications.
This year has seen no-code and low-code companies gain a lot of attention, a niche that has gained traction due to the scarcity of computer scientists. Verified Market Research expects the no-code and low-code market to expand more than 44% annually through 2026.
Investors have taken notice. Earlier in the year, no-code AR/VR company Enduvo raised $4 million. Meanwhile, Turbo Systems received a $3.4 million extension for the fast growing no-code engagement platform.
One company experiencing significant success thanks to the proliferation of no-code platforms is New York-based Unqork. Founded in 2017, the no-code company is an enterprise application platform that helps companies build, deploy, and manage complex applications.
What makes Unqork unique is that it invented the first completely visual, no-code application platform that helps large enterprises to build elaborate custom software. Its customers include clients like The District of Columbia, Goldman Sachs, Liberty Mutual, Marsh, Montgomery County, New York City, Nippon Life, Pacific Life, Rethink Food, and Vault.
“The same scale that cloud computing brought to infrastructure, Unqork is now bringing to all enterprise software in every industry,” said Unqork founder and Chief Executive Officer, Gary Hoberman. “That places Unqork in a unique position to capture the $500 billion wasted annually on custom enterprise code and this funding will accelerate our efforts.”
At the beginning of October, the company raised a $207 million Series C funding round, bringing its valuation to $2 billion. Earlier this year, it raised $130 million in a Series B funding round. According to Crunchbase, Unqork has raised a total of $365.2 million over five rounds.
BlackRock led the round and was joined by investors including Eldridge, Fin Venture Capital, Hewlett Packard Enterprise, Schonfeld Strategic Advisors and Sunley House Capital Management. Existing investors including CapitalG, Goldman Sachs, Broadridge Financial Solutions, Aquiline Technology Growth and World Innovation Lab also participated.
Unqork will use the funds to grow its global sales force, invest in the platform, and expand partnerships with services firms.