The US-based Automation Anywhere, a leading Robotic Process Automation (RPA) provider, has announced that it has completed its series A financing rounds after garnering $250 million (Rs 1,715 crore) and reaching a $1.8 billion (Rs 12,350 crore) valuation.
The financing round was led by venture capitalist New Enterprise Associates (NEA) and Goldman Sachs growth equity along with participation from General Atlantic and World innovation Lab (WiL). It is considered as one of the biggest series A rounds on record for an enterprise software company.
Aimed towards rapidly-expanding RPA market
Along with the expansions, the investment is also aimed towards rapid expansion into new markets and to accelerate its global customer engagements and product development in countries like India, North America, LATAM, Europe, Australia, Japan, South Korea and Singapore (ASEAN).
Clyde Hosein, CFO of Automation Anywhere said, “With this investment, we are poised to extend our leadership in the multibillion-dollar RPA market.”
Leveraging machine learning and AI
Mihir Shukla, CEO and co-founder of Automation Anywhere said, “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.”
Automation Anywhere claims that its RPA technology and the ‘Intelligent Digital Workforce’ platform combines cognitive automation and analytics to drive productivity and business process accuracy with near-zero error rates.
The company had recently opened a new facility in Bangalore to meet the rising demand of its Intelligent Digital Workforce platform and announced its plans to hire over 300 engineering and operations experts in India by this year alone. It claims to have over 1,000 enterprise customers worldwide including GM and Volkswagen.