Automation Anywhere, a robotics process automation, whose clients include Cisco, Google, Tesco and Siemens, has raised $250 million. The funding values the company at $1.8 billion, post money, the company said.
The series A round was led by venture capital investor New Enterprise Associates (NEA) and Goldman Sachs Growth Equity, with participation from General Atlantic and World Innovation Lab.
“RPA, or robotics process automation, is a fast-evolving technology which uses software robots (bots) to automate business processes that have never been automated by traditional technology platforms. Today, these processes are managed manually by hundreds of thousands of human workers,” a company statement said.
These tasks include rote ones like processing insurance claims and mortgage applications.
With this fund-raise, the California-based startup aims to deepen its customer engagements in North America, South America, India, Europe, Australia, Japan, South Korea and Singapore (ASEAN), and plans to deploy its technology in additional geographies.
The firm also aims to extend its leadership in the growing RPA market and accelerate its global customer engagements and product development, it said.
“Our investors recognize the enormous RPA market potential, and our Series A financing at a $1.8 billion valuation is an acknowledgement of the company’s strong leadership, stability and growth prospects,” said Mihir Shukla, chief executive and co-founder of Automation Anywhere.
Traditional process automation technologies are said to automate only about 20 percent of an enterprise’s business processes.