Today, iRPA (intelligent Robotic Process Automation), SaaS (Software-as-a-Service) specialist Autologyx® announces that it has secured over £1.5 million in its latest round of funding.
The pre-series A investment, filled in under three months and oversubscribed, illustrates that Autologyx® has captured investor appetite for technologies powering the fourth industrial revolution. With the RPA market expected to grow to $8.8 billion by 2024 and Autologyx® removing the traditional integration and deployment barriers to simplify and accelerate adoption, investment in Autologyx® has the potential to deliver significant returns.
The round was strongly supported by Beacon Capital alongside the existing investor base, with notable new investors including Angel CoFund and Richard Hargreaves, one of the early investors in first generation RPA business Blue Prism Group plc, now a world market leader. Richard joins Autologyx® as a Non-Executive Director, strengthening the Board with his extensive market experience.
Stephen Bullock, Chairman of Autologyx® and Serial Tech Investor observes: “UK investors have played a key role in the RPA industry to-date and been rewarded accordingly; pioneers Blue Prism are now valued at over £800m on AIM and Autologyx® aspires to follow their path to success.”
The Autologyx® next-generation agile Fabric Automation® Platform, enables enterprises to take control of automating their own complex processes, integrating convergent technologies, such as Machine Learning (ML) and Artificial Intelligence (AI), into their legacy systems to drive real business value. Heralded by independent RPA expert Paresh Mistry, as the first to make iRPA a reality, the platform’s unique Think. Build. Connect. Run.® capability enables successful application of iRPA without the need to invest “£5m and five years”.
Commenting on its investment in Autologyx®, Tim Mills, Investment Director at the Angel CoFund: “Autologyx® is using robotics – machine learning and artificial intelligence – to automate everyday business processes and therefore make companies more efficient. This is truly the stuff of the future, and an exciting prospect for any investor looking to be a part of the next wave of business innovation. The interest the company has garnered from investors is credit to its pioneering position in the space and we’re delighted to be on board with Autologyx® for this exciting stage of their journey.”
Adding to this, Ben Stoneham, CEO and Founder of Autologyx® commented: “Many companies are just beginning to explore RPA technology and realise it has far more benefits than simply cost savings. We see that iRPA not only enables teams to focus on the more ‘strategic’ parts of their roles but also allows them to catalyse and implement Innovative ideas resulting in rapid and inexpensive trialling of new concepts such as gamifying employee engagement programmes. We are making process innovation a reality for clients and a perfect example is where we deployed our platform with ML to deliver a cutting-edge solution for a globally renowned law firm to improve the triage process of legal matters at scale.”
Stephen Bullock concludes: “We are very pleased to have doubled the size of the round and closed within record time. Autologyx® is in the right place, at the right time and this funding is what we need to accelerate our go-to-market strategy. It’s clear to our clients and investors that Autologyx® is a game changer.”
