California based Robotic Process Automation (RPA) platform “Automation Anywhere” announced that it has secured a Series A round of funding. New Enterprise Associates (NEA) and Goldman Sachs Growth Equity led the funding round which sees the firm getting $250 million fresh capital. The funding round saw participation from General Atlantic and World Innovation Lab.
The firm through a statement said that the latest infusion takes the valuation of the firm to $1.8 billion. Notably, the board of Automation Anywhere will get the valued experience of John Giannuzzi and Chetan Puttagunta, General Partner of NEA as part of the deal.
Automation Anywhere was founded by Ankur Kothari, Mihir Shukla, Neeti Mehta in 2003 which offers advanced automation platform. Shukla, one of the co-founders commenting about the firm said that “Customers tell us that traditional process automation technologies are capable of automating only about 20 percent of an enterprise’s business processes. We believe our Intelligent Digital Workforce Platform can automate up to 80 percent of these processes. It’s a stark contrast and an enormous opportunity.”
Commenting on their plans post the fresh infusion Shukla added that “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 acknowledgment of the company’s strong leadership, stability and growth prospects.”
NEA's Managing General Partner Scott Sandell said that NEA likes to back the firm who are trying to use disruptive tech. Sandell feels that Automation Anywhere is poised for a long-term success. Goldman Sachs’ Merchant Banking Division's VP said that “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.”
Image Courtesy : Automatioanywhere,businessworld