Automation Anywhere, a Robotic Process Automation (RPA) company has secured $200 million in funding from Silicon Valley Bank, SVB Capital, and Hercules Capital, Inc.
The financing is intended to provide operational and strategic capital for the next several years, the company said. Automation Anywhere is a cloud automation platform, that delivers automation and process intelligence solutions across all industries globally to automate end-to-end business processes for the path to enterprise transformation.
Near-term opportunities
“We continue to be optimistic about the near-term opportunities for Automation Anywhere, as more companies scale automation and use the flexibility of our cloud platform to mitigate the impact of global events and navigate market challenges,” said Mihir Shukla, CEO, and Co-Founder, Automation Anywhere.
The financing enables us to expand on our mission to unleash human potential by helping every company build a digital workforce and succeed with automation, he added.
Gartner estimates that automation could result in a $15 trillion benefit to the global economy by 2030. In 2022, Automation Anywhere cloud customers have run an estimated 50 million automations, with leading companies deploying thousands of bots across their organizations, the company said.
Partnership and financing
“This partnership and financing with Silicon Valley Bank and Hercules Capital, complements an already strong balance sheet, and allows us to continue to invest in and enhance the best cloud-native automation platform in the marketplace today,” said James Budge, Chief Financial Officer, Automation Anywhere.
The company’s cloud strategy is working and is efficient, and with over 80 per cent of business being cloud, over 50 per cent revenue growth and strengthening margins have risen to the level that the company believes $200 million is more than sufficient capital to see through to profitability, he added