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Business News/ Companies / NEA, Goldman lead $250 million funding in Automation Anywhere

NEA, Goldman lead $250 million funding in Automation Anywhere

Automation Anywhere, whose clients include Cisco, Google, Tesco and Siemens, claims to have a seen continuous growth of over 100% in its revenues

Mihir Shukla, chief executive officer, Automation Anywhere.Premium
Mihir Shukla, chief executive officer, Automation Anywhere.

Mumbai: Automation Anywhere, a robotics process automation (RPA) firm, Tuesday said it has raised $250 million in a series A round led by venture capital investor New Enterprise Associates (NEA) and Goldman Sachs Growth Equity, with participation from General Atlantic and World Innovation Lab.

“RPA 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.

The funding values the company at $1.8 billion, post money, the company said.

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.

“The financing and our high caliber of investors strongly position us to push boundaries and drive the next major business disruption. 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.

The company claims to have a seen continuous growth of over 100% in its revenues. Some of the clients of Automation Anywhere include Cisco, Juniper Networks, Google, Tesco and Siemens.

“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 Shukla.

John Giannuzzi and Chetan Puttagunta, general partner of NEA, will join the board of directors of Automation Anywhere.

“NEA has a 40-year history of identifying disruptive technologies, and we are confident that Automation Anywhere is poised for long-term success. This funding allows the company to accelerate global expansion and advance its product roadmap, and we are thrilled to partner with the Automation Anywhere team to bring the power of RPA to customers across all industries," said Scott Sandell, managing general partner of NEA.

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Published: 03 Jul 2018, 10:53 PM IST
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