WorkFusion closes $35M Series D Financing
NEW YORK, Jan. 26, 2017 /PRNewswire/ — WorkFusion, the leading provider of intelligent automation, has closed a $35 million Series D financing round led by Georgian Partners with participation from existing investors Mohr Davidow Ventures, iNovia, Nokia Growth Partners (NGP), Greycroft and RTP Ventures, bringing total funds raised to $71 million. The funding will accelerate customer adoption of AI-powered automation as they realize the immense productivity gains from digitizing business processes.
“We invested in WorkFusion not only because it aligns with our thesis that AI will transform business, but most importantly because the company has made machine learning practical and powerful for enterprise operations,” said Justin LaFayette, Managing Partner at Georgian Partners. “WorkFusion has category leading products and a strong leadership aligned by a powerful vision of helping businesses drive rapid productivity improvements with AI.”
WorkFusion transforms operations through self-learning, process-level automation that eliminates up to 90% of manual back-office work and AI-powered chat bots that increase front office service center capacity by 5x. The company achieved impressive growth in 2016 and earned top honors in the market:
- Named the number one solution in Everest Group’s Vision and Capability quadrant in its “Robotic Process Automation (RPA) – Technology Vendor Landscape with FIT Matrix™ Assessment – Technologies for Building a ‘Virtual Workforce’” (Dec. 2016) report
- Recognized in Garner, Inc.’s “Cool Vendors in Smart Machines, 2016” report for its ability to “do (at scale) what, five years ago, either required expensive human labor or could not be done at all”
- Launched the world’s first free RPA product for enterprise operations, WorkFusion RPA Express, to accelerate the digital transformation of work
- Opened new office in Delhi, India, supporting its increased focus on APAC and supplementing its already robust presence in EMEA
- Trained hundreds of developers at top tier partners globally
“IDC estimates the AI and cognitive systems market will grow from $8 billion in 2016 to over $47 billion in 2020 and businesses are looking to invest in the most innovative and comprehensive automation technologies on the market,” said Max Yankelevich, WorkFusion CEO. “We offer true machine learning that’s been collecting data and getting smarter over time, and our customers in banking, insurance, financial services and healthcare have already enjoyed an impressive ROI. As automation moves into an era of widespread adoption, this investment will further advance our solutions so customers can meet any challenge to come.”
Read entire press release <here>.