Robotic process automation software company WorkFusion has closed its Series E funding round on $50m.
The round was led by Hawk Equity and Declaration Partners, with participation also coming from existing backers Georgian Partners, iNovia Capital and NGP Capital.
WorkFusion develops AI-powered robotic process automation software to support the global banking, insurance, healthcare and other data-intensive. Its machine learning software helps businesses to automate high-volume processes such as the claims and policy operations of insurance firms.
The New York-headquartered company helps banks and financial services to streamline the account opening process, identify money laundering by automating the collection of transaction details, and completing KYC checks. Its solution also helps the institutions with lending capabilities by collating financial covenants, pricing grids and other data from loan documents.
Proceeds from the funding round will be used to expand WorkFusion’s global operations, and further the development of its AI processes.
Hawk Equity founder David Hawkins said, “Intelligent Automation is the next wave of not only workforce efficiency but also how established businesses will grow through digital initiatives, and WorkFusion is the clear leader.”
Alongside the series, the company’s former president Alex Lyashok has been appointed CEO and a board member. WorkFusion co-founder and CEO Max Yankelevich will serve as the chief strategy officer and retain a spot on the board.
This injection of capital will bring WorkFusion’s total funding efforts to $118m. Last year, the company picked up a $35m Series D led by Georgian Partners, with participation from Mohr Davidow Ventures, iNovia, Nokia Growth Partners, Greycroft and RTP Ventures.
Declaration Partners managing partner Brian Frank said, “WorkFusion’s automation technology solves critical operational problems for enterprises. After extensive market research and discussions with customers and analysts, it is clear that WorkFusion is demonstrating that AI will transform how companies work.”
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