AutomataPi Raises INR 3 Cr In Seed Round Led By Indian Angel Network
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Digital process automation platform AutomataPi on Monday announced to have raised a seed round of INR 3 crore from Indian Angel Network (IAN), led by KRS Jamwal, Jaideep Mehta, Prashant Pahade. Nitin Jain and Prashant Pahade will join the company’s board.
This round of funding will enable the company to scale sales channel partners and further develop the product to cater to more geographies and distribution channels with an aim to build a global enterprise automation software-as-a-service (SaaS) business out of India.
Co-founded in April 2017, the platform helps organizations to automate their business processes. Its cloud-native proposition allows for a highly scalable, distributed model. The technology is backed by artificial intelligence (AI), machine learning (ML), and NLP which converts unstructured data set into structured entities required for processing and smooth integration with existing operational systems.
“At AutomataPi, our automation platform enables enterprises to automate their complete lifecycle of business processes. During the COVID-19 pandemic outbreak, when several businesses were forced to switch to work from distributed locations, AutomataPi’s solution formed a hybrid bridge between the digital and enterprise ecosystems and I am glad to mention that we have had 100 per cent client retention through COVID-19. Going forward, our vision is to build a global enterprise automation SaaS business out of India. We are excited to have IAN and the angel investors on board and will leverage the capital raised to strengthen our platform in providing more cutting-edge solutions to our clients,” Devesh Rao, chief executive officer, and co-founder, AutomataPi.
Its pay per use model enables enterprises - big or small - to integrate their solution to their existing enterprise systems to quickly ready themselves for the digital world. The solution provided is categorized under various segments such as digital process automation (Forrester) or intelligent process automation (Gartner and IBM).
On average, the platform is automating half a million processes with over 10 million events per month. It is one of the aptest solutions for a large industry segment to swivel themselves for the post-COVID/social distancing era.
"Based on long and deep experience in process automation, Devesh and his team have reimagined and re-architected a solution leveraging AI/ML to help enterprises digitize and automate end-to-end processes. AutomataPI has quickly established a great product-market fit and we believe IAN can help them accelerate their growth trajectory," added Prashant Pahade, lead investor.
The company has undertaken 30 projects and has a large customer base. The likes of Mahindra Holidays & Resorts Limited, Centrum broking Limited, Essar Ports Limited, IIFL Securities, Umm al Quainn FTZ (UAE), and Masscom Global (UAE), all brands are part of the company’s customer portfolio. It is now expanding to new geographies such as the Middle East and ASEAN countries and has had early wins in there.