New York-based WorkFusion, an intelligent automation specialist, has closed a US$35 million Series D financing. The round was led by Canadian growth equity firm Georgian Partners. It was joined by the company’s existing investors, including Canada’s iNovia Capital, as well as Mohr Davidow Ventures, NGP, Greycroft and RTP Ventures. Georgian Managing Partner Justin LaFayette said the firm invested in WorkFusion because “it aligns with our thesis that artificial intelligence will transform business, but most importantly because the company has made machine learning practical and powerful for enterprise operations.”
WorkFusion Raises $35 Million to Scale AI-powered Automation within Enterprise Operations
Led by Georgian Partners, investment to drive global growth and accelerate customer adoption of artificial intelligence (AI) products as Robotic Process Automation (RPA) scales
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.”
WorkFusion’s Intelligent Automation empowers enterprise operations to digitize. WorkFusion combines all of AI-powered capabilities that global businesses need to digitize into enterprise-grade products purpose-built for operations professionals. Operations teams at data-intensive organizations, such as global banking and financial services companies, healthcare and insurance providers, and BPO firms use WorkFusion Intelligent Automation to become leaner, more productive and agile.
About Georgian Partners
Georgian Partners is a thesis-driven growth equity firm investing in SaaS-based business software companies exploiting applied artificial intelligence, security first and conversational business. Founded by successful entrepreneurs and technology executives, Georgian Partners leverages our global software expertise to be able to directly impact the success of companies. For more information, visit www.georgianpartners.com.
Photo courtesy of WorkFusion