Workfusion, the leading robotic process automation software company, has risen $50M in a new, strategic round Series E funding to expand its global operation.
Guardian, a large insurance company; New York-Presbyterian, a healthcare services provider; PNC Bank, a commercial bank; and Venture investor Alpha Intelligence Capital, participated in the new financing round.
Workfusion raised a total $121 million as its previous investors, iNovia Capital, NGP Capital, and Georgian Partners also participated.
Alex Lyashok, former president, will be the new CEO of the company and Max Yankelevich, the former CEO will move to chief strategy officer. Peter Cumello, former CFO of Text100, has already joined as CFO of Workfusion. Peter Cumello previously served as SVP of finance at Avenade and North American managing director of finance at Accenture.
Alex Lyashok state that, “Demand for our products grew 850% in 2017, reaffirming the power of AI to automate common business processes such as customer onboarding in banking, claims processing in insurance, or accounts payable in shared services.” Lyashok added, “We were first to launch AI-powered RPA, first to launch free RPA with RPA Express and first to launch free education with Automation Academy. We will continue to deliver firsts to the market, and will continue to help our customer’s future-proof their businesses by making jobs work.”
The technology of Workfusion automates high-volume processes by combining robotic process automation software with artificial intelligence which can be used in insurance claims processing and bringing on customers in banking.
David Hawkins, the founder of Hawk Equity said that, “Intelligent Automation is the next wave of not only workforce efficiency but also how established businesses will grow through digital initiatives, and WorkFusion is the clear leader”.
Brian Frank, Managing Partner of Declaration Partners, also stated that, “WorkFusion’s automation technology solves critical operational problems for enterprises. After extensive market research and discussions with customers and analysts, it is clear that WorkFusion is demonstrating that AI will transform how companies work.”