Antler Investor Memo Series: Licode is the new no-code way to build AI-enabled Web Apps

Early stage investment company Antler Australia recently backed a new cohort of startups as part of its ongoing program to build great local tech companies.

Startup Daily is sharing the details of each venture in the “Antler Investor Memos” series, which is designed to give you a quick, sharp understanding of the startups and people involved, with many seeking follow up capital following Antler’s initial pre-seed investment.

Company: Licode

Founded: May 2023
Stage: Pre-seed
Founders: Kelvin Htat (CEO)
Current investors: Antler
Currently raising: Yes

The Business

Integrating artificial intelligence (AI) in software development is becoming increasingly essential, yet the complexity and technical skill required to build AI-enabled web applications remain significant hurdles. This challenge is particularly acute in sectors where rapid deployment and scalability of web apps are crucial, but there are deficiencies in their technical or operational capabilities.

As a result, there has been a boom in low-code and no-code solutions, offering agility, reduced technical debt, and simplified delivery for teams and businesses. By 2025, Gartner predicts the adoption of low-code or no-code technologies in new applications developed by organisations is projected to reach 70%, up from less than 25% in 2020.

Enter Licode. Founded by Kelvin Htat, a former software engineer at Honeysuckle Health and Finder, Licode is a no-code solution that simplifies the creation of robust AI-first web apps and improves the accessibility of top-of-the-line AI technologies, enabling users from non-technical backgrounds to innovate and build.

Kelvin’s extensive technical background, including expertise in AWS, Node.js, Python, and React.js, coupled with his achievements in enhancing UX in health and financial services, positions him as the ideal founder to bridge the gap between advanced technology and user-friendly software solutions.

“As a software engineer who likes building products, I feel privileged to know how to code,” Kelvin admits. “However, the vast majority of people with great ideas and solutions may not necessarily have this ability. We are in a digital age where most companies need to be AI-enabled. As such, everyone should feel empowered to build and innovate without technical barriers. Licode exists to ensure they can achieve that.”

Antler investment thesis

Licode’s commitment to lowering the entry barriers to sophisticated software development aligns with Antler’s global initiative to foster innovation and scalability in startups. “Licode stands out as a pioneer in the no-code space, with a clear potential to disrupt traditional and oftentimes complex software development programs,” says Mike Abbott, Partner at Antler Australia.

“Kelvin’s deep technical background and vision alongside the platform’s early traction present a compelling case for rapid growth and significant impact across multiple industries. By enabling users to integrate AI seamlessly into their applications without prior coding knowledge, Licode is ideally positioned to capture a substantial market share in the burgeoning field of AI-driven development tools, resonating deeply with our philosophy of backing startups that lead with innovation and move society forward.”

Traction/milestones

Since its launch, Licode has demonstrated impressive traction that underscores its market fit and Kelvin’s go-to-market approach. The platform’s public beta launch on January 4, 2024, was a major achievement to kick off an even bigger year for the startup, quickly attracting over 135 users in just a few days – highlighting the appeal and usability.

The community’s growth in enthusiasm has continued upwards as another more than 1300 users joined the platform following the launch of Licode v1 in May 2024. In addition, Licode also launched two products into the Licode ecosystem, UiHub – an AI agent for UI components library, and Licode Page – a waitlist and presale landing page builder. These features not only attracted users but also opened a new revenue stream for Licode, marking its first foray into monetisation. This early adoption was further bolstered by securing four letters of intent from large local development agencies eager to utilise Licode’s Web App builder.

Further establishing its footprint, Licode was nominated by the University of Newcastle to pitch at The Pearcey Foundation ceremony night, a prestigious recognition that highlights emerging tech leaders. Licode’s participation in key industry events, such as Spark Festival, has also increased its visibility and engagement with the tech community.

Latest funding

Pre-Seed from Antler

Use of Funds

Antler’s funding will crucially support Licode in expanding its team, particularly by enhancing the platform’s architectural and infrastructural capabilities. “Since Antler’s investment, we have onboarded our first platform and solution architect who plays a crucial role in Licode’s infrastructure solution, and a junior full stack software engineer who has been shipping features” says Kelvin. “This allows us to provide a secure and stable environment for our customer’s apps.”

This investment will also facilitate the rapid iteration and expansion of Licode’s product features, reinforcing the stability and security of the platform to accommodate growing user demand. “The strategic allocation of Antler’s funds is enabling us to accelerate our roadmap, ensuring that Licode not only meets but exceeds the expectations of our users in functionality and reliability,” says Kelvin.

The founders say

“Antler’s investment and the invaluable community support has propelled Licode from an idea to a leading innovation in the software development space,” says Kelvin. “Access to global expertise and resources has been instrumental in refining our strategy and accelerating our market entry.

“The encouragement and strategic guidance from the Antler team has been critical in navigating the startup ecosystem and positioning Licode for success.”

As Licode continues to grow, its mission remains clear: to empower individuals and businesses to build and innovate with cutting-edge AI technology, irrespective of their technical skills, thereby shaping the future of software development.

What’s next?

Antler, a global early-stage VC, is revealing its latest investments in ambitious Australian founders and startups. With over 100 investments in early-stage companies, Licode is one of its most recent portfolio companies.