OutSystems, a Lisbon, Portugal-based tech firm that specializes in low-code application development, raised $360 million in funding from investors KKR and Goldman Sachs. The funding values the company at more than $1 billion.
OutSystems makes a low-code platform for software developers to more easily build and support enterprise applications. By using automation, artificial intelligence, and other technology, developers can build applications through an intuitive, visual interface without using traditional coding.
The company says it serves thousands of customers globally, has annual revenues of more than $100 million, and is growing at more than 70 percent annually. Companies that use OutSystems’ platform include Toyota, Logitech, Deloitte, Ricoh, Schneider Electric, and GM Financial.
The platform supports a lot of different enterprise applications — from mission-critical applications to those that handle internal processes. It also takes advantage of tools like automation and artificial intelligence (AI), to make it easier to create custom applications faster and with less manpower than traditional coding.
In a blog post, Paulo Rosado, OutSystems’ CEO, said that the company plans to use the funding to invest in tools that make it easier for companies to “go from idea to app faster.” That includes investing in more AI and machine learning tools.
“We’re building the future of developer assistants to empower your teams to design better solutions leveraging data generated by thousands of customers during their application creation, change, and operation process,” Rosado said.
The funding also will be used to make the company’s Project Turing initiative a reality. Project Turing, which was announced in February, was named after Alan Turing, the “father” of theoretical computer science and AI. As part of this project, OutSystems plans to build a new AI Center of Excellence in Lisbon, Portugal, commit 20 percent of its research and development resources to this project, and partner with industry experts, tech leaders, and universities to drive original research and innovation in the field of AI and machine learning.
Rosado also said that the company will invest in solutions that create, consume, and monitor microservices. The end result will be a scalable and independent architecture that will help solve agility issues created by having so many highly distributed microservices.
And finally, Rosado said that because container orchestration platforms are rapidly becoming the de facto deployment standard, the company will be applying its low-code philosophy to containers to make them accessible to any development team.
To that end, the company is teaming with Microsoft, AWS, Pivotal, and Docker so that containers can benefit from low-code infrastructure. And it will also be looking at ways low-code can be combined with serverless architectures.