Lovable Labs Inc., the creator of a popular artificial intelligence tool for building websites and applications, today announced that it has raised $330 million in funding.
Alphabet Inc.’s CapitalG fund and Menlo Ventures jointly led the Series B round. They were joined by the venture capital arms of Nvidia Corp., Salesforce Inc., HubSpot Inc., Atlassian Corp. and T-Mobile parent Deutsche Telekom AG. More than half dozen venture capital firms chipped in as well.
Lovable is now worth $6.6 billion, a $3.8 billion increase over its July valuation. That jump likely stems the two-year-old company’s rapid sales growth: it topped the $200 million annual recurring revenue mark in November. Lovable disclosed on occasion of today’s investment that users launch more than 100,000 projects on its AI coding platform every day.
Lovable enables developers to generate a website or simple application by entering a prompt into a chatbot interface. Behind the scenes, the platform retrieves any external information that may be required for the project, generates the needed code and runs bug tests. It uses telemetry such as network traffic metrics to find potential software flaws.
When developers need help with a less involved task, they can use a Lovable feature called Code Mode. It provides the ability to enter a programming question and have the platform return a natural language answer. Lovable can, for example, provide pointers on the optimal way to implement a new feature in a website or fix a malfunctioning button.
A split-screen mode enables developers to manually edit a project’s code in a sidebar next to the chatbox interface. For designers, Lovable provides a tool that makes it possible to edit interface elements without writing code. It also eases certain related tasks, such as ensuring that a project adheres to a company’s interface style guide.
Lovable provides infrastructure that customers can use to host their AI-generated software. The company provides a managed database for storing application data, authentication tools and traffic analytics dashboards. Online retailers can add a pre-built payment processing module to their websites.
One of Lovable’s revenue sources is an enterprise version of its platform that includes expanded administrative controls. It offers role-based project access restrictions, single sign-on support and an audit log. A GitHub integration enables developers to review non-technical workers’ AI-generated code before it’s released to production.
Lovable will use its new funding to enhance its collaboration and governance capabilities. According to the company, the development effort is meant to make its platform more suitable for use by large organizations. Lovable will also add more third-party software integrations and application hosting features.
Image: Lovable
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