Robotic process automation provider Automation Anywhere recently secured $200 million in funding from Silicon Valley Bank, Hercules Capital and SVB Capital.
Robotic process automation (RPA) solutions automate routine business tasks. Automation Anywhere is one of the leading RPA providers.
The technology can monitor how staff members carry out tasks like transferring data across applications. The platform then allows organizations to develop software bots that perform the work without human intervention.
Automation Anywhere recently announced that it secured $200 million in funding from a coalition of investors, including Hercules Capital and Silicon Valley Bank.
“This partnership with Silicon Valley Bank and Hercules Capital complements the balance sheet and lets us invest in and enhance the best cloud-native automation platform in the market today”, said James Budge, the CFO of Automation Anywhere.
Automation Anywhere provides automation and intelligence process solutions across all sectors worldwide. The firm develops a cloud-native platform that combines RPA, AI, ML and analytics to automate repetitive tasks, freeing up employees to move to the next great idea, improve relationships with clients and promote the business.
A recent study from Automation Anywhere indicates that more than 75 percent of firms plan to increase their automation funds in the coming year. Budgets are rapidly rising.
“Our cloud strategy is working and is efficient, and with over 80% of our business being cloud, our over 50% revenue growth and strengthening margins have risen to the level that we believe $200 million is more than sufficient capital to see us through to profitability”, CFO Budge added.
Automation Anywhere isn’t the only RPA platform available today. Among others, the organization competes with UiPath. Both companies are moving into new regions of the automation software ecosystem.
In August, UiPath acquired Re:infer, a natural language processing company focused on unstructured documents and communications. In December 2021, Automation Anywhere successfully took over FortressIQ, a process mining software provider that helps businesses identify automation opportunities.