The US’s Automation Anywhere announced $250 million in Series A financing from New Enterprise Associates (NEA), Goldman Sachs Growth Equity, General Atlantic and World Innovation Lab (WiL). This values the company at $1.8 billion.
The company provides an Intelligent Digital Workforce Platform, which enables robotics process automation (RPA), cognitive automation and analytics to enhance business process accuracy, speed and cost profile.
“Customers tell us that traditional process automation technologies are capable of automating only about 20 percent of an enterprise’s business processes,” said the company’s Co-founder and CEO Mihir Shukla. “We believe our Intelligent Digital Workforce Platform can automate up to 80 percent of these processes.”
The company already has 1000 customers and revenues growing at over 100% per year. It says revenue from existing customers grew 150% year on year to March 2018.
The new funding will be used to focus on customer engagement and product development as the company seeks to expand across North America, LATAM, India, Europe, Australia, Japan, South Korea and Singapore.
Enhancements in Version 11 of Automation Anywhere Enterprise (base platform) that rolled out in December 2017 include SLA management, applications for all cloud environments and bank-grade security. Its IQ Bot 6.0, AI-enabled bots are capable of learning from observing human behaviour, and its Automation Anywhere Bot Store is the world’s first bot store marketplace (opened March 2018). This consists of hundreds bots tailored for the most commonly used business processes, available prebuilt with very little development required