Automation Anywhere, a robotic process automation company, on Friday announced it has raised $300 million from the SoftBank Vision Fund.
The funding is an expansion to the company’s Series A round announced in July, bringing the financing to over $500 million.
Automation Anywhere, which has remained bootstrapped since its inception in 2003, driven by increasing client revenues and profitable growth, had received its first round of funds in July from investors led by New Enterprise Associates (NEA) and Goldman Sachs Growth Equity with participation from General Atlantic and World Innovation Lab (WiL).
The company has been rapidly increasing its employee base. In the last 6 months, the employee basehas grown from 400 to over 800. “We plan to double our employee strength in the next 6-12 months. Our aim is to have 3 million bots deployed across the world by 2020. We think we’ll be able to go well beyond that mark with the help of this investment,” Ankur Kothari, Co-Founder and Chief Revenue Officer at Automation Anywhere, told BusinessLine in a earlier interview.
The company is also planning an IPO.
“RPA is the most pervasive and frictionless path to delivering AI technologies across the enterprise, and is revolutionising the way people work,” said Mihir Shukla, CEO and Co-Founder at Automation Anywhere. “With this additional capital, we are in a position to do far more than any other provider. We will not only continue to deliver the most advanced RPA to the market, but we will help bring AI to millions.”
RPA enables companies to automate business processes. By automating routine tasks in the workplace, RPA is increasing productivity and enabling people to focus on more challenging and fulfilling work.
Praveen Akkiraju, Managing Partner at Softbank Investment Advisers said, “We believe that Mihir and team bring a clear vision, a strong technology platform and a passion for delivering real value and cost optimizations for customers.”
Early this year, Automation Anywhere opened its ‘Bot Store’, the largest app store-like marketplace of downloadable bot applications that are designed by the company and its partner ecosystem to meet specific automation requirements for common business processes. It has been visited by more than 65,000 users since its launch in March 2018.
“With more than $500 million in capital from the Series A round, we believe we have the strongest balancesheet in the industry and are well positioned to continue to solve our customers’ problems in innovative new ways,” said Clyde Hosein, Chief Financial Officer at Automation Anywhere.
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