Home / Tech News / RPA startup Automation Anywhere nabs $300M from SoftBank at a $2.6B valuation

RPA startup Automation Anywhere nabs $300M from SoftBank at a $2.6B valuation

The marketplace for RPA — Robotic Process Automation — is getting a hat trick of stories this week: Automation Anywhere has in the present day introduced that it has raised $300 million from the SoftBank Vision Fund. This funding, which values Automation Anywhere at $2.6 billion post-money, is an extension to the Series A the corporate introduced earlier this 12 months, which was at a $1.eight billion valuation. It brings the overall measurement of the spherical to $550 million.

The information comes only a day after one of many startup’s greater opponents, UiPath, announced a $265 million raise at a $3 billion valuation; and every week after Kofax, one other competitor, introduced it will be acquiring a division of Nuance for $400 million to beef up its enterprise.

It’s additionally but another instance of a one-two punch in funding. It was solely in July that Automation Anywhere introduced its $250 million in funding.

This newest spherical provides some important buyers to the corporate’s cap desk, particularly from the SoftBank Vision Fund. The fund has been beneath hearth for the previous few weeks due to the truth that a big swathe of its backing comes from Saudi cash, and Saudi Arabia has been within the highlight over its function within the killing of journalist Jamal Khashoggi in Turkey. By extension, there have been questions raised over taking cash from the Vision Fund with so many questions nonetheless within the air over that affair.

While it appears like synthetic intelligence is one thing that you simply see referenced at each flip nowadays within the tech world, RPA is an attention-grabbing space as a result of it’s one of many extra tangible functions of it, throughout a large set of companies.

In quick, it’s a set of software-based “robots” that assist firms automate mundane and repetitive duties that will in any other case be completed by human staff, using AI-based know-how in areas like pc imaginative and prescient and machine studying to get the work completed.

Competition amongst firms to seize pole place within the area is fierce. Automation Anywhere has 1,400 organizations as prospects, it says. By comparability, UiPath has 2,100 and claims an annual income run charge in the intervening time of $150 million.

In mild of that, the corporate will probably be utilizing the funding to construct out its enterprise particularly forward of rivals.

“With this additional capital, we are in a position to do far more than any other provider,” mentioned Mihir Shukla, CEO and Co-Founder at Automation Anywhere, in an announcement. “We is not going to solely proceed to ship essentially the most superior RPA to the market, however we are going to assist deliver AI to tens of millions. Like the introduction of the PC, we see a world the place each workplace worker will work alongside digital staff, amplifying human contributions. Today, staff should know easy methods to use a PC and really quickly staff should know easy methods to construct a bot.”

Automation Anywhere claims that its Bot Store is the business’s largest market for bot functions, designed each by itself and companions, to execute totally different enterprise processes, with 65,000 customers since launching in March 2018.

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