Company's robotic and cognitive automation platform pairs human workforce with machine learning to digitize enterprise operations
NEW YORK, Dec. 21, 2015 /CNW/ -- WorkFusion, the leading enterprise smart process automation company, announced it has raised $14M in a Series C financing round led by Nokia Growth Partners (NGP). The funding will accelerate WorkFusion's growth and expand its business development efforts to help global enterprises automate the manual work that burdens large data-intensive enterprise operations. As part of the funding, Paul Asel Managing Partner with NGP, will join the board of directors.
"NPG is delighted to join Workfusion as investor and partner," said Paul Asel. "Workforce automation is the third and potentially most disruptive wave of enterprise labor transformation after outsourcing and crowdsourcing. WorkFusion automates labor intensive digital processes by accelerating time to market, improving accuracy and reducing labor costs. We have been impressed with customer traction and believe WorkFusion has a significant opportunity to revolutionize digital work."
Customers use WorkFusion to automate the high-volume, labor-intensive processes historically performed by business process outsourcing (BPOs). Including horizontal applications such as invoice and contract processing. Financial industry customers commonly use the WorkFusion platform for building and remediating reference data, customer onboarding, claims processing, and regulatory compliance.
"2016 will be the year of automation," said Max Yankelevich, WorkFusion's CEO and co-founder. "Labor arbitrage is being replaced by digital arbitrage and our customers come to us not only to eliminate 60% of their operational costs, but more importantly, to gain business agility. Our platform combines robotic process automation with workforce orchestration and machine learning in one stack, which helps customers quickly automate complex business processes."
Existing investors, Mohr Davidow Ventures (MDV), Greycroft Partners, iNovia Capital and RTP Ventures also participated in the round.
"Today, WorkFusion focuses on customers in the banking, financial services and insurance industries," said MDV General Partner and WorkFusion Board Member, Katherine Barr. "There is strong inbound interest in WorkFusion's solution since many companies in commerce, healthcare and other verticals experience similar demands for smart process automation. With the additional financing, the company plans to expand its vertical and geographic coverage to service global customers in data-intensive industries."
WorkFusion is the leading smart process automation solution for the enterprise. WorkFusion is used by 18 of the top 20 information services businesses, the leading financial institutions, global Commerce businesses, and the largest business process outsourcing providers to automate high-volume, labor-intensive knowledge processing work. WorkFusion won SIIA's CODiE Award for Best Big Data Solution, Data Management Review's award for Best Data Management Solution and has been recognized by the leading analysts as a transformative solution for customers. The company is headquartered in New York City with offices in London and Eastern Europe. For more information, please visit www.workfusion.com.
About Nokia Growth Partners (NGP)
NGP is an independent fund manager sponsored by Nokia, backing entrepreneurs focused on building a connected world. NGP offers industry expertise, capital and an extensive network, enabling entrepreneurs to build disruptive, industry-changing companies and taking them to the global market. With offices in the US, Europe, India and China, NGP extends the reach of companies making their products and services local everywhere. For more information, please visit http://www.nokiagrowthpartners.com.
Adam Devine, WorkFusion