News: Automation Anywhere raises $250 Mn in Series A funding

Technology

Automation Anywhere raises $250 Mn in Series A funding

The robotic process automation company, which operates globally with over 1,000 clients and has a presence at three locations in India has entered the unicorn club after the deal.
Automation Anywhere raises $250 Mn in Series A funding

California based Automation Anywhere, a Robotic Process Automation (RPA) company has raised $250 Mn in Series-A funding round led by New Enterprise Associates (NEA) and Goldman Sachs Growth Equity with participation from General Atlantic and World Innovation Lab (WiL).

With this round, the company enters the unicorn club after being valued at $1.8 Bn.

With this investment, Automation Anywhere aims to deepen its customer engagements in North America, LATAM, India, Europe, Australia, Japan, South Korea and Singapore (ASEAN), and also plans to deploy its technology in additional geographies.

“RPA is a fast-evolving technology which uses software robots (bots) to automate business processes that have never been automated by traditional technology platforms. Today, these processes are managed manually by hundreds of thousands of human workers,” a company statement said.

The firm also aims to extend its leadership in the growing RPA market and accelerate its global customer engagements and product development, it said.

Mihir Shukla, chief executive and co-founder of Automation Anywhere stated, “The financing and our high caliber of investors strongly position us to push boundaries and drive the next major business disruption. Our investors recognize the enormous RPA market potential, and our Series A financing at a $1.8 Bn valuation is an acknowledgment of the company’s strong leadership, stability and growth prospects.”

Founded by Ankur Kothari, Mihir Shukla, Neeti Mehta, and Rushabh Parmani in 2003, Automation Anywhere, which is present globally, has its presence at three locations in India – Bengaluru, Mumbai, and Baroda. 

Automation Anywhere pioneered RPA and its Intelligent Digital Workforce Platform, which also combines cognitive automation and analytics, is driving productivity and business process accuracy with near-zero error rates. It also opened its bot store marketplace in March 2018 consisting of hundreds of pre-built bots for more commonly used business processes, delivering drag-n-drop ease with very little development needed.

Mihir added, “Customers tell us that traditional process automation technologies are capable of automating only about 20 percent of an enterprise’s business processes. We believe our Intelligent Digital Workforce Platform can automate up to 80 percent of these processes. It’s a stark contrast and an enormous opportunity.”

As per the company’s claims, its total revenue continues to grow over 100 percent annually with the existing customer revenue growing more than 150 percent year-over-year ended March 2018. Some of its notable clients include Cisco, Juniper Networks, Google, Tesco, and Siemens.

Meanwhile, John Giannuzzi and Chetan Puttagunta, general partner of NEA, will join the board of directors of Automation Anywhere.

 

Read full story

Topics: Technology

Did you find this story helpful?

Author

QUICK POLL

What is your top focus area for reinventing work in the hybrid world of work?

Can we take a more holistic view of how we reward people?

READ our latest issue for a broadened perspective.