Agentic AI startup Emergent has closed a $23 million Series A round, led by Lightspeed Ventures with a $13 million contribution.
The round also saw participation from returning backers Y Combinator and Together Fund, along with new investors including Prosus, Google’s chief scientist Jeff Dean, AI researcher Devendra Chaplot, and Coinbase co-founder Balaji Srinivasan.
The fresh capital will be used to expand the company’s workforce, accelerate research, and advance its AI-powered development platform, which enables users to build production-ready applications seamlessly through natural language prompts.
Founded in 2024 by Mukund Jha (ex-cofounder and CTO of Dunzo) and his brother Madhav Jha, Emergent allows users to design and launch applications by interacting with AI agents that generate backend logic, APIs, data models, and user interfaces on demand.
The platform leverages a hybrid AI stack that integrates fine-tuned proprietary models for task-specific functions with leading LLMs, including OpenAI, Anthropic, and Google Gemini.
Emergent monetizes primarily through a freemium subscription model, with pricing tiers from $10 to $200 per month, complemented by credit-based top-ups and separate hosting fees.
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Since its launch three months ago, the startup claims to have reached $15 million in annual recurring revenue (ARR), with over 1 million users building 1.5 million applications. The company previously raised $7 million in a seed round from Y Combinator and Together Fund.
Looking ahead, Emergent is targeting the global custom software development market, projected to reach $146.2 billion by 2030, positioning itself as a frontrunner in reshaping how applications are built worldwide.
