Automation Anywhere raises $250 mn in Series A round

Varun Aggarwal Mumbai | Updated on July 03, 2018

Valuation of software robot maker rises to $1.8 bn

Software robot maker Automation Anywhere completed its Series A financing round of $250 million led by New Enterprise Associates (NEA) and Goldman Sachs Growth Equity, with 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 brings Automation Anywhere’s post-money valuation to $1.8 billion, making it the highest valued robotic automation company in the world. 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.

RPA is a fast-evolving technology which uses software robots (bots) to automate business processes that have never been automated by traditional technology platforms. Today these processes are managed manually by thousands of human workers. Automation Anywhere's RPA combines cognitive automation and analytics, helping drive productivity and business process accuracy with near-zero error rates.

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. Building on its core product offerings, Automation Anywhere’s customers will further benefit from specialised machine learning capabilities and sophisticated Artificial Intelligence (AI) integrations, to drive higher operational efficiency, increased agility and flexibility to scale up-and-down anytime, all with robust security.

“Customers tell us 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. It’s a stark contrast and an enormous opportunity,” said Mihir Shukla, CEO and Co-Founder of Automation Anywhere. “The financing and our high calibre of investors strongly position us to push boundaries and drive the next major business disruption. Our investors recognise the enormous RPA market potential, and our Series A financing at a $1.8 billion valuation is an acknowledgement of the company’s strong leadership, stability and growth prospects.”

Total revenue continues to grow over 100 per cent annually. Existing customer revenue grew more than 150 per cent year-over-year (ended March 2018). Investments in customer success programmes helped drive a 98 per cent retention rate and one of the highest tech industry Net Promoter Scores.

“With this investment, we are poised to extend our leadership in the multibillion-dollar RPA market,” said Clyde Hosein, CFO of Automation Anywhere. “We welcome the new investor group and look forward to their valuable contributions as we enter our next growth phase.”

“Automation Anywhere has demonstrated tremendous progress within the RPA landscape,” said Scott Sandell, Managing General Partner of NEA. “This funding allows the company to accelerate global expansion and advance its product roadmap, and we are thrilled to partner with the Automation Anywhere team to bring the power of RPA to customers across all industries.”

“With more than 1,000 global customers, Automation Anywhere is the leader in the RPA space and we are pleased to join them in their next phase of expansion,” said John Giannuzzi, a Vice-President in Goldman Sachs’ Merchant Banking Division.” As more businesses continue to streamline their manual processes, Automation Anywhere has the vision and solutions to drive unprecedented levels of business performance with their Intelligent Digital Workforce Platform across all vertical markets.”

John Giannuzzi and Chetan Puttagunta, General Partner of NEA, will join the board of directors of Automation Anywhere.

Published on July 03, 2018

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