- The investment was led by Nexus Venture Partners. Besides, Ratio Ventures, January Capital, and other angel investors joined the venture capital firm.
- The company has been planning to catalyze feature development initiatives to expand the user base.
ToolJet Solutions Inc., a low-code platform developer helping business applications, recently announced the securing of USD 4.6 million in early-stage funding.
The investment was led by Nexus Venture Partners. Besides, Ratio Ventures, January Capital, and other angel investors joined the venture capital firm. In 2021, ToolJet secured USD 1.55 million in seed round funding.
Most organizations create custom internal applications for the smooth functioning of business operations. For instance, online retailers might build an application that automates customer support requests as per urgency to soothe the work of help desk representatives. However, it takes a considerable amount of time and effort to build such custom software.
An open-source platform provided by ToolJet assures of accelerating the tasks involved in application development. The company’s platform with the same name offers a low-code interface for internal application development. It consists of a database and assembled interface components that developers can use to store application data.
As a platform segment, ToolJet offers over 35 software building blocks with varying complexities. The platform also provides advanced components such as maps and data visualizations, simple interface elements such as website buttons, and an embeddable code editor to help developers build programming tools.
ToolJet creates applications that can store data in ToolJet DB, an in-built database. It’s an abridged version of PostgreSQL which is a sought-after open-source relational database. ToolJet DB facilitates users to incorporate and remove records with the help of an interface resembling a spreadsheet.
Applications backed by ToolJet are capable of retrieving data from external systems. The startup provides multiple integrations for various databases, including MongoDB and MySQL, and other well-known cloud services.
The revenue generation of startups comes from the sales of the platform’s commercial version offering additional features. The platform has controls for managing user access to the environment and other security provisions. The commercial platform of the company is available in the form of a standalone application for on-premise installation as well as managed cloud service.
Navaneeth Padanna Kalathil, founder and CEO, wrote, “Low-code development is an evolution of frameworks that are used for building web applications. Open-source again is going to be a key driver in this evolution”.
ToolJet mentioned that after the release of the open-source version in 2021, many software teams have adopted its platform. The company has been planning to accelerate feature development initiatives to expand its user base. As a part of this development, the startup will augment its product and developer relation teams, and engineering.