The cognitive robotic process automation platform called Automation Anywhere has secured an amount of $250 million in a funding round led by New Enterprise Associates and Goldman Sachs.
With this fresh funding round, the company’s valuation has reached $1.8 billion. Automation Anywhere aims to utilize these funds in increasing its customer base in North America, LATAM, India, Europe, Australia, Japan, South Korea and Singapore (ASEAN). Along with this, it also has plans to employ the funds in expanding the technology in additional areas.
“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,” said Mihir Shukla, CEO and Co-Founder of Automation Anywhere.
Automation Anywhere is the only RPA platform developed differently for the digital enterprise. The company’s software bots run processes and assess information in the way a human would. The bots are used to automate business processes and its Intelligent Digital Workforce Platform. RPA is a fast-evolving technology.
“With this investment, we are poised to extend our leadership in the multibillion-dollar RPA market,” CFO Clyde Hosein said. “We welcome the new investor group and look forward to their valuable contributions as we enter our next growth phase,” he added.
With further plans, Automation Anywhere intends to grow over 100% annually. It has more than 1,000 global customers who are pleased to join in for its expansion plans. John Giannuzzi and Chetan Puttagunta, General Partner of NEA, will further join the board of directors in the bots company. The technology is expanding and so are the funding activities in the tech space.