Robotic process automation (RPA) automates repetitive and tedious tasks to allow businesses to free up people in the company to focus on more high-value operations. The proliferation of RPA has been especially important to IT departments, as RPA frees up their to-do lists and doesn’t require specialized skills to deploy, making it cost-effective and able to produce more accurate work.
One such company that has taken advantage of the push for automation is WorkFusion. Founded in 2010, the New York-based company is one of the several tech firms developing automation solutions. WorkFusion’s platform uses artificial intelligence to learn time-consuming tasks, and then repeat them so employees don’t have to.
Saving companies time and money is something that’s especially valuable in the current market. WorkFusion recently announced that it raised $220 million in its Series F funding round. Fintech investing company Georgian led WorkFusion's latest funding round, and the investment brings the valuation of the company to more than $340 million.
The latest round of funding for WorkFusion could help it expand to new customers and industries. Historically, the top three enterprise automation vendors have been UiPath, Automation Anywhere, and Blue Prism.
As opposed to UiPath and Automation Anywhere, which sell easy-to-use automation products aimed at citizen developers, WorkFusion sells a "cognitive automation" platform that requires more skill and expertise. The platform can tackle more challenging automation problems that require machine learning.
WorkFusion’s main clients are financial institutions, with Deutsche Bank, Scotiabank, and Standard Bank being some of its largest customers. However, the automation vendor's customers also include companies in a variety of other industries, including healthcare, insurance, and transportation.
Workplace automation is poised to grow in the coming years, as professionals offload tedious work to AI algorithms. WorkFusion hopes to grow with this demand and become one of the leading companies providing automation solutions. This new funding will allow WorkFusion to invest in its company in order to offer its product to more customers.
