Formerly known as Tethys Solution, Automation Anywhere is a robotic process automation (RPA) startup that is based in San Jose, California. Recently, the company revealed that it had secured a staggering $250 million in a Series A financing round that was led by both Goldman Sachs and New Enterprise Associates.
Other firms involved in the round include World Innovation Lab (WiL), General Atlantic, and New Enterprise Associates (NEA).
Thanks to its recent funding exercise, Automation Anywhere has an estimated valuation of $1.8 billion.
Clyde Hosein, the chief finance officer of Automation Anywhere, said that that investment would allow the company to grow its leadership in the robotic process automation (RPA) market, which is said to be a multibillion-dollar sector.
He also welcomed the new investor group and said that the company is looking forward to benefiting from their contributions as it enters another growth stage.
Automation Anywhere is expected to use the funds raised in deepening its client engagements in Singapore, South Korea, Japan, Australia, Europe, India, and North America.
The money will also be channeled into product development as the startup aims at deploying its revolutionary technology in more geographies.
Automation Anywhere’s platform is known for employing bots or robots, which boasts the power to make enterprise processes self-running.
The system crunches through tasks that usually take hundreds of thousands of human workers to perform thanks to the use of a combination of conventional RPA software and cognitive features such as natural language understanding and unstructured data processing.
Some of Automation Anywhere’s flagship solutions include the Automation Anywhere Bot Store, which is a marketplace of pre-made robots for common tasks and IQ Bot, a bot that learns human behavior through observation.
Mihir Shukla, the co-founder, and CEO of Automation Anywhere said that the company’s clients tell them that conventional automation technologies can only automate approximately 20% of a company’s business process.
Nonetheless, the startup believes that its Intelligent Digital Workforce Platform has the power to automate a maximum of 80% of such processes.
For Mihir and his team, the funds recently raised and Automation Anywhere’s high calibre of investors best place them in a position to not only spearhead the next business disruption but also push boundaries.
The $1.8 billion valuation is a testament that investors acknowledge the potential of the RPA market and Automation Anywhere’s stability, growth prospects and strong leadership.
Scott Sandell, NEA’s managing general partner, said that Automation Anywhere had shown remarkable progress, particularly in the RPA market. He added that NEA is confident in the startup’s ability to attain success.
In fact, Scott pointed out that the funds would allow Automation Anywhere to advance its product roadmap and expedite its global expansion. As such, NEA is excited to collaborate with the RPA startup in its efforts to spread out the power of RPA to all industries.
John Giannuzzi, the VP of merchant banking division at Goldman Sachs, expressed his excitement owed to the partnership between the two entities while recognizing Automation Anywhere as a leader in the RPA market.
Together with NEA’s general partner Chetan Puttagunta, they will join the startup’s board of directors.