Automation Anywhere, a provider of robotic process automation (RPA), today said it has raised USD 250 million in funding, led by New Enterprise Associates (NEA) and Goldman Sachs Growth Equity.
The series A round, which pegs the post-money valuation of the company at USD 1.8 billion, also saw participation from General Atlantic and World Innovation Lab (WiL).
"As one of the largest series A rounds on record for an enterprise software company... this sizeable investment will help extend Automation Anywhere's leadership in the rapidly-expanding RPA market and accelerate its global customer engagements and product development," Automation Anywhere said in a statement.
RPA technology refers to use of software robots (bots) to automate business processes that are currently managed manually by human workers.
The company's platform, which also combines cognitive automation and analytics, helps drive productivity and business process accuracy, it added.
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"With this investment, Automation Anywhere expects to deepen its customer engagements in North America, LATAM, India, Europe, Australia, Japan, South Korea and Singapore (ASEAN), and plans to deploy its technology in additional geographies," the statement said.
Mihir Shukla, CEO and co-founder of Automation Anywhere, said customers had stated that traditional process automation technologies are capable of automating only about 20 per cent of an enterprise's business processes.
"We believe our Intelligent Digital Workforce Platform can automate up to 80 per cent of these processes. Our investors recognise the enormous RPA market potential...," he added.
John Giannuzzi and Chetan Puttagunta, General Partner of NEA, will join the board of directors of Automation Anywhere, the statement added.
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