NEW YORK, NY, WorkFusion, the leading robotic process automation (RPA) software company, has raised $50 million in Series E funding in a round.
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The round was led by Hawk Equity and Declaration Partners, bringing the company's total investment to $118 million. Previous investors Georgian Partners, iNovia Capital and NGP Capital also participated. The capital will be used to expand WorkFusion's global operations and further its vision of helping businesses rapidly respond to change with the power of RPA bots that learn through AI.
WorkFusion also announced several enhancements to its leadership team. Alex Lyashok, formerly president, has been appointed CEO and board member effective April 1, 2018. Co-founder and former CEO Max Yankelevich will continue his work with the company as Chief Strategy Officer and will retain his board seat. Peter Cumello has joined WorkFusion as its CFO. Peter previously led global finance organizations as CFO at Text100, as North American managing director of finance at Accenture and SVP of finance at Avanade. Dr. Homaira Akbari has joined WorkFusion's advisory board. Homaira serves on the Board of Directors of several Fortune 500 public companies including Banco Santander S.A. and is CEO of AKnowledge Partners. Dr. Akbari has held senior management roles in blue chip technology companies including Microsoft and Thales SA, and has served as the President and CEO of SkyBitz, Inc., a leading provider of remote asset tracking and security solutions.
"Demand for our products grew 850% in 2017, reaffirming the power of AI to automate common business processes such as customer onboarding in banking, claims processing in insurance, or accounts payable in shared services," said CEO Alex Lyashok. "We were first to launch AI-powered RPA, first to launch free RPA with RPA Express and first to launch free education with Automation Academy. We will continue to deliver firsts to the market, and will continue to help our customers future-proof their businesses by making jobs work."
"Intelligent Automation is the next wave of not only workforce efficiency but also how established businesses will grow through digital initiatives, and WorkFusion is the clear leader," said Hawk Equity founder David Hawkins. Brian Frank, Managing Partner of Declaration Partners continued, adding that "WorkFusion's automation technology solves critical operational problems for enterprises. After extensive market research and discussions with customers and analysts, it is clear that WorkFusion is demonstrating that AI will transform how companies work."
WorkFusion's AI-powered RPA software creates and manages software robots, which perform repetitive work. Built for data-first companies, its products automate high-volume processes by combining AI, RPA and people into one intuitive platform. Top enterprises within global banking, insurance, healthcare and other data-intensive industries choose WorkFusion for its integrated offering, industry-leading total cost of ownership and native machine learning. WorkFusion is headquartered in New York City with offices in eight countries throughout Europe and Asia. For more information about WorkFusion please visit www.workfusion.com.