Algotic Received $1 Million Investment!

Algotic is a native low-code backend application development startup that helps application developers with scalable web services without having to write code. Algotic was founded by Ümit Çakmak and Deniz Çolak. The startup has now raised $1.05 million in a funding round led by ScaleX Ventures. Rahma Javed, Mohamad Waqas Javed from 500 Istanbul and Deliveroo, and Serhat Can, co-founder of local startup Rethymno, participated in the finance tour.

The Algotic platform has a cloud infrastructure. In this cloud infrastructure, backend applications are developed and there is a graphical interface where these applications are followed. In this cloud infrastructure, these applications are installed and run. The purpose of using this graphical interface is to design and manage applications. While this is the intended use of the graphical interface, the cloud infrastructure is used to collect and run the developed applications.

Algotic structure makes it optional to write code. In this way, it allows everyone to create and run a backend service in a very short time. Thanks to the Algotic platform, the data of the backend applications can be managed in a database. This data can be cached and complex business logic can be run through synchronous and asynchronous. With these, user authentication and authorization can be done and user sessions can be managed.

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How was Algotic founded?

Ümit Çakmak, the founder of the Algotic platform, has a long and significant experience in technology and management consulting. Ümit Çakmak has worked at Accenture (Istanbul) and McKinsey & Company (Chicago and Istanbul) in his past, where he usually took part in digital and IT projects. Ümit Çakmak, who graduated from Boğaziçi University Industrial Engineering Department, later completed his master's degree in the same department and wrote his master's thesis on the development of a graphical tool that assists in the design of product planning algorithms. Ümit Çakmak laid the intellectual foundation of the Algotic platform with this thesis.

Çakmak has successfully completed many IT projects in different sectors and in different geographies. In all these projects, Çakmak has seen the difficulties of introducing new applications and new services to the market in general and has gained experience in this regard. Çakmak aimed to facilitate and accelerate the application development process with the contribution of his studies during his master's thesis. For these purposes, Çakmak has come up with the idea of ​​developing an application using a graphical interface. Ümit Çakmak left his position as Associate Partner at McKinsey in 2020 and started his first studies on Algotic. He completed the prototype of the Algotic platform in about 12 months and released the open beta version of the platform.

Later, Ümit Çakmak's paths crossed with Deniz, one of the first users of the Algotic platform and a solution architect at Huawei. Çakmak convinced Deniz to join the platform as a co-founder and to help community work.

The primary target of the Algotic platform is application developers and IT organizations. Along with all these, Algotic has powerful no-code and low-code features. Thanks to these, anyone who wants to work on the backend application can use the Algotic platform.

Altogic and its Difference from Its Competitors

The backend-as-a-service market is primarily targeted by the Algotic startup. Google's Firebase, Amazon's Amplify and emerging open source alternatives such as Supabase, Appwrite, Nhost are the main competitors in this market that could rival the Algotic startup.

The Algotic founders said that unlike built-in and open-source alternatives that require the business logic of their applications to code and load into the application environment, the Algotic platform has a different approach that makes coding optional and takes it to the next level by enabling application development graphically. Developers can use built-in or marketplace actions, or even create their own custom actions and define their own cloud functions by linking actions with simple drag & drop operations. This approach combines the speed of no-code to develop business logic with the flexibility of coding to solve complex problems, allowing you to use the best of both worlds.

Algotic raised $1.05 million in its latest funding round. This tour was led by ScaleX Ventures. 500 Istanbul and some angel investors participated in the tour. Angel investors such as Rahma Javed, Mohamad Waqas Javed and Serhat Can also participated in the financing round organized by Algotic. Algotic will evaluate this investment for the purpose of producing new modules for the platform, recruiting and expanding the cloud infrastructure to new locations in Europe and Asia.