Ex-FinAccel exec’s low-code platform nets $3m in pre-seed money

Singapore-based Locofy, which provides a service that converts designs into code, has raised US$3 million in pre-seed funding from a slew of investors, including Accel, January Capital, Golden Gate Ventures, and BoldCap.

Locofy co-founders Sohaib Muhammad (left) and Honey Mittal

Locofy aims to address the global shortage of tech talent through its low-code development tools.

The firm notes that the shortage of tech talent was further exacerbated by the Covid-19 pandemic. The US had 1.4 million unfilled developer jobs in 2020, whereas the number of new computer graduates every year stood at 400,000 people, according to a report.

The International Data Corporation predicts that low-code developers would make up nearly 60% of all part-time developers and nearly a third of those working full time by 2025. The need for low-code tech talent is growing 3x faster than the need for traditional developers. Locofy estimates the low-code market will be worth US$500 billion by the end of this decade.

The company said it aims to lessen “menial work” for engineers without adding complexity by automating almost half of their current workflow. The firm recently launched its beta program globally and has already automated more than 2 million lines of code.

Locofy was founded in mid-2021 by Honey Mittal and Sohaib Muhammad. While Mittal was previously the chief product officer at Wego and FinAccel, Muhammad was the lead engineer at Wego.

See also: Singapore no-code platform for robots cuts automation costs by half

“It takes an enormous amount of time and bandwidth of the frontend team to translate sparkling designs into precise code. Locofy.ai will solve this problem by providing high-quality translation and provide flexibility for dynamic variables,” Accel partner Abhinav Chaturvedi said in a statement.