Roots Automation, a creator of advanced, intelligent Digital Coworkers for the insurance industry, has bagged $10m from a Series A raise.
The round was led by Mission OG and saw participation from Liberty Mutual Strategic Ventures, Vestigo Ventures and CRV.
Roots Automation claims it has established a new category in business process automation. The firm’s Digital Coworker leverages AI and machine learning to improve insurance operations, empowering insurance carriers to improve margins and increase operational efficiency.
An alternative to robotic process automation (RPA) technology, which has fallen short of its promise to automate tasks in unstructured environments, Roots Automation’s Digital Coworker ingests and analyzes both structured and unstructured data to work seamlessly with a company’s human workforce – addressing a $100+ billion market opportunity to improve insurance operations through automation and AI.
Roots Automation CEO and co-founder Chaz Perera said, “AI and machine learning are the key in enabling effective automation. Our latest capital represents a major milestone in our mission to make work more human. It will fuel product development and market expansion so we can further support insurers that are dealing with increased margin pressure and declining operational efficiency.
“In 100% of the deals we win, the customer has considered or already purchased RPA and instead gone with a Digital Coworker, lessening their dependence on employees at a time when keeping their workforce happy and engaged is most critical”.
Copyright © 2022 FinTech Global