One of the biggest Series A investment rounds ever recorded has seen investors including NEA and Goldman Sachs help software bot developer Automation Anywhere to a $1.8bn valuation.
The $250m Series A round will be used to extend the robotic process automation (RPA) provider’s operations, accelerate global customer engagement and product development, it said.
Automation Anywhere said it expects to deepen its customer engagements in North America, LATAM, India, Europe, Australia, Japan, South Korea and Singapore, and plans to deploy its technology in additional geographies.
The company uses RPA to automate end-to-end processes including the correlation and analysis of data, procure-to-pay and order-to-cash tasks, business and operational insights origination and workforce management support.
Its clients include ING, The World Bank, EY, KPMG, Infosys, pwc, Cognizant, MasterCard, Comcast and Cisco.
Company co-founder and CEO Mihir Shukla said, “Customers tell us that traditional process automation technologies are capable of automating only about 20 per cent of an enterprise’s business processes. We believe our intelligent digital workforce platform can automate up to 80 per cent of these processes.
“It’s a stark contrast and an enormous opportunity. 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.”
Existing customer revenue grew more than 150 per cent year-over-year, for the 12 months ending March 2018, the business said.
NEA managing general partner Scott Sandell said, “Automation Anywhere has demonstrated tremendous progress within the RPA landscape. NEA has a 40-year history of identifying disruptive technologies, and we are confident that Automation Anywhere is poised for long-term success.”
Goldman Sachs Merchant Banking Division vice president John Giannuzzi added, “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.”
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