Catalytic, the Chicago-based SaaS company offers intelligent automation services has picked up $30 million in a fresh Series B funding. The capital infusion round was led by Intel Capital, the funding arm of Intel Corporation. The others who participated in the funding included Redline Capital and existing investors NEA, Boldstart, and Hyde Park Angels. The fresh financing takes the total capital raised by the company to $46.7 million. The other backers of the company include Valor Equity Partners, Corazon Capital, and Pritzker Group Venture Capital. The firm plans to utilize the latest funding to ramp up sales, expand the engineering and operations in order to fulfill the massive customer demand.
The company was started by Ravi Singh and Sean Chou in 2015 as a platform which will help automate a number of processes in order to help enterprises reduce down the time taken for the completion of few labor-intensive tasks. Catalytic counts some top names like Bosch, Dentsu Aegis Network, Mayo Clinic, and UL among their customers.
Chou, the CEO of the company talking about the firm and the funding from Intel Capital said, “Leading enterprises are embracing our vision of customer-led, cloud-based process automation. Many customers have found that Catalytic nicely complements existing technology investments such as robotic process automation (RPA), especially with activities involving unstructured data or that require people in the loop. Intel Capital’s global presence, deep enterprise experience, and leadership in digital transformation will be a tremendous asset as we scale our business.”
Wendell Brooks, President of Intel Capital and Senior Vice President of Intel Corporation said that Intel was excited to be backing the firm. “We’re excited to lead Catalytic’s Series B round, partnering with its team and investors to further accelerate the company’s rapid expansion. Catalytic’s customers are quickly scaling the solution across their operations, validating the offering and vision. Intel Capital is helping lead the data revolution powered by Intel. We do so, in large part, by supporting exceptional entrepreneurs,” said Brooks.
NEA, one of the existing backers' Peter Barris, the chairman and general partner of the firm said, “I’ve been amazed by the momentum that Catalytic has built in a very short period of time. Its innovative and differentiated approach to enterprise process automation has brought significant value to customers across a wide range of industries and functional areas.
Image Courtesy : Catalytic