GenAI startup Automat raises $3.75m

Automat AI has raised $3.75 million in a seed funding round, as it looks to offer a usage-based SaaS subscription model for RPA.

This capability is especially beneficial for businesses lacking accessible APIs for their operational needs, from handling a large volume of medical claims in insurance to verifying trade licenses in FinTech.

The Generative AI startup raised the capital in the round led by Initialized, and supported by other investors such as Khosla Ventures and Y Combinator.

Automat was birthed based on its founders’ previous experience at Google, where they realised that creating automation should be as simple as describing it.

Unlike traditional Robotic Process Automation (RPA) tools that can be expensive and time-consuming to set up, Automat offers a usage-based SaaS subscription model.

It incorporates features such as natural language processing and image recognition, made possible by generative AI.

In other SaaS-related news, Grip Security, a distinguished leader in SaaS identity risk management, is celebrating a major achievement as it announces the procurement of $41m in its Series B fundraising endeavour.

The financial support has been spearheaded by Third Point Ventures, and saw significant participation from YL Ventures, Intel Capital, and The Syndicate Group.

The substantial investment is set to take Grip Security’s cumulative funding to a noteworthy $66m. This marks a pivotal moment in the company’s journey, not only bolstering its market entry approach but also fuelling the enhancement of its product line.

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