Lovable, the Swedish-based AI software creation platform company, today announced an acceleration of its product, infrastructure, and team development efforts — and a noteworthy round of Series C funding totaling $400 million.
The company said in its statement that it is looking to augment its platform, which it boasts is already used by almost two-thirds of Fortune 500 companies.
Headquartered in Stockholm, Lovable plans to grow its team to 450 people this year, hiring most heavily in machine learning, product, infrastructure, and security roles, and is looking to expand operations from its home base to include locations in London and three US cities: Boston, San Francisco, and New York City.
The planned growth is made possible by the latest infusion of venture capital, which follows a $330 million Series B funding round last December. Lovable now has a $13.3 billion valuation.
The Series C funding was led by Menlo Ventures and the Scaleup Europe Fund and includes US-based Regent. (Regent is the parent company of Foundry.)
Earlier this month, Lovable announced a partnership with Cerebras Systems, the chipmaker that builds processors the size of dinner plates (the Wafer-Scale Engine) and supercomputing systems built for AI inference and training. Cerebras systems are designed to keep an entire AI model’s weights on a single, super-sized WSE chip, rather than split across many GPUs, to avoid GPU memory bottlenecks.
That partnership calls for Lovable to run some of its latency-sensitive workloads on dedicated Cerebras capacity.
“Fast AI is more valuable than slow AI,” said Cerebras CEO and Cofounder Andrew Feldman said in a statement when the partnership was unveiled. “When AI responds in real-time, users do more with it, stay longer, and run higher value workloads. Software creation is one of the clearest examples of the importance of speed. Creators don’t want to wait.”
In its statement today, Lovable said that since its launch in November 2024, people have created more than 60 million projects with its tools, with Lovable-built apps seeing more than 900 million visits a month.
Computerworld is part of Foundry, which is owned by Regent.