Israeli startup Dragonera said Monday it had raised $3 million in seed funding from venture capital fund Singulariteam to speed up the roll out its artificial intelligence-driven software development platform.

The company’s new service aims to help companies cut the development time of products by automating up to 70% of their early development phase. Dragonera is looking to accelerate what is generally a long and tedious delay between an initial idea to when an early version of a product is actually launched.

The company’s platform relies on AI and microservices — standalone pieces of code that can be shared among different products and can account for up to 70% of a final product. By combining the two, Dragonera is able to deliver prototypes and final products “at a fraction of the cost in a fraction of the time,” the company said in a statement.

Dragonera is promising a “significantly reduced” time-to-market: 24 hours after sharing an abstract idea, the client will get a proposal guaranteeing cost and time to production. The timeframe for a fully functional product varies between 14 and 45 days, lower than traditional development methods, the company said.

The client can monitor progress of the status of the product status and is involved in the architecture and design of the product.

Dragonera's team (Courtesy)

Dragonera’s team (Courtesy)

“Over the course of ten years in the startup scene, I’ve witnessed many great ideas fail to thrive because there were no affordable alternatives to software development in-house, to allow a short time to market,” said Ido Sadeh Man, Founder and CEO of Dragonera.

“No matter how in shape you are [organizations] become heavier with every step,” he said. “Our platform allows a single executive to outsource product building, whether it’s an internal tool, a blockchain proof of concept, a promotional game etc., while maintaining full control over the outcome.”