Airtable, a company valued at $11.7 billion, recently announced the launch of a new product called Cobuilder, which leverages AI to make app development easier and quicker. This new tool allows users to generate apps by simply typing in a text prompt, eliminating the need for hours of technical proficiency. With the use of generative AI, Airtable aims to unlock the potential for many more applications to be built by analyzing the user’s role, company, and query to create personalized apps tailored to their needs.
The company began integrating AI tools into its app-building process last year, but Cobuilder is the first to rely on AI to do all the heavy lifting. By utilizing leading AI models, such as OpenAI’s GPT-4, Cobuilder can suggest and create apps based on specific user requests. For example, a visual effects manager at Netflix could use Cobuilder to create an app to assist with scheduling and file organization for an upcoming release, pulling in information from various sources like calendars, Dropbox, and Google Sheets.
While Cobuilder has already generated thousands of apps in the past few weeks, the company plans to allow users to include their own data within the AI generative process in the future. Airtable’s AI tools are designed to self-correct over time by absorbing user feedback and improving the way apps are mapped to specific requests. Additionally, the company is developing tools for regulated industries to facilitate easy data and workflow management for employees using these AI-generated apps.
Despite experiencing challenges in recent years, including painful job cuts, Airtable has rebounded and stabilized its footing by reinvesting in its product, particularly in AI. The company still has about $1 billion in the bank and has reported positive cash flows. Airtable CEO Howie Liu believes that the company’s strong market position and the potential for expansion through AI make it a winner in the tech industry. By focusing on the development of Cobuilder and acquiring key companies like Airplane and Balsa, Airtable has positioned itself to lead the market in AI-powered app development.
Investors have expressed confidence in Airtable’s growth potential, with more than half of the largest 500 companies in the U.S. by revenue being paying customers. The company has reported revenue in the hundreds of millions, with many customers spending at least $1 million annually. Airtable’s financial performance meets the ‘Rule of 40,’ a key benchmark for software businesses that combines revenue growth and profit margin. This strong performance has sparked discussions about a potential public offering, with Airtable already preparing for the possibility by announcing quarterly results internally.
Looking ahead, Airtable’s future success hinges on its ability to continue innovating in the AI space and staying ahead of the curve in app development. The company’s CEO is optimistic about the potential for growth and expansion through AI, and remains committed to driving the company toward success in the rapidly evolving tech landscape. With a strong track record, a solid financial position, and a focus on cutting-edge AI technology, Airtable is poised to make a significant impact in the industry and potentially lead the way in AI-generated app development.
