‘Bot’ startup raises $250M in global push
The investment, says the company, will help it extend its leadership in RPA technology – which uses software robots (or “bots”) to automate business processes that have never been automated by traditional technology platforms – and accelerate its global customer engagements and product development. The funding round was led by New Enterprise Associates (NEA) and Goldman Sachs Growth Equity with participation from General Atlantic and World Innovation Lab (WiL).
Automation Anywhere’s Intelligent Digital Workforce Platform, which also combines cognitive automation and analytics, is, says the company, driving productivity and business process accuracy with near-zero error rates. With the investment, the company plans to deepen its customer engagements in North America, Latin America, India, Europe, Australia, Japan, South Korea, and Singapore (ASEAN), as well as deploy its technology in additional geographies.
“Customers tell us that traditional process automation technologies are capable of automating only about 20 percent of an enterprise’s business processes,” says Mihir Shukla, CEO and Co-Founder of Automation Anywhere. “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,” says Shukla. “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 billion valuation is an acknowledgement of the company’s strong leadership, stability, and growth prospects.”
John Giannuzzi, a Vice President in Goldman Sachs’ Merchant Banking Division adds, “With more than 1,000 global customers, Automation Anywhere is the leader in the RPA space and we are pleased to join them in their next phase of expansion. As more businesses continue to streamline their manual processes, Automation Anywhere has the vision and solutions to drive unprecedented levels of business performance with their Intelligent Digital Workforce Platform across all vertical markets.”
Giannuzzi and Chetan Puttagunta, General Partner of NEA, will join the board of directors of Automation Anywhere.
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