Autologyx powers ahead with £1m in funding

Published by on 30th May 2019

Today autologyx announces it has raised an additional £1 million to rapidly expand its foothold in legal, RPO and insurance sectors. The digital operations platform, which automates real-world, complex business processes, has seen significant growth over the past year, both in terms of recurring revenues – which have doubled, and demand for its market-leading platform.

Angel CoFund (ACF), Beacon Capital and Richard Hargreaves, an early investor in RPA business Blue Prism Group plc, led the round following their investment in the pre-series A round in 2017.

Tim Mills, Founder Partner of the ACF commented: “autologyx has maintained an excellent track record since we first invested in the team, and they’ve delivered some first class results for customers. Their growth demonstrates a strong market demand for solutions that can help businesses automate everyday processes and increase efficiency. We are pleased to be part of this round supporting autologyx’s continued success.”

The additional funding will enable autologyx to accelerate the company’s development of its digital operations platform for companies in the legal, RPO, and insurance sectors as its clients look to realise the full potential of automation and new technologies. Autologyx enables organisations to embrace innovation by integrating next generation technologies such as AI and ML with legacy systems, delivering low risk innovation to ensure sustained competitive advantage.

For example, by implementing the autologyx platform, Eversheds Sutherland Ignite – a top 50 global legal practice – saved the equivalent of 46 weeks of lawyers time in just six months.

Barry Rodick, Innovation Lead at ES Ignite commented: “When it comes to automation, having a partner whose platform is designed for your future business, not just the business you are today, is critical. This is what autologyx offers; the platform gives us exactly what we need now but also enables us to realise our future ambitions at speed. We’re still only using a fraction of its capabilities but we’re already seeing significant returns.”

Barry Rodick and Ben Stoneham will be presenting this case study at the ‘Machine Learning in Legal Event’ in London on Friday 21st June 2019. 

Thinking about the opportunity ahead for autologyx, Ben Stoneham, CEO and Founder comments: “Automation is one of the hottest buzzwords in business but to-date many enterprises have been disappointed by the solutions they have implemented as often, the technologies they have bought have failed to embrace their ‘real world’ complexities.  Our platform is different; it enables businesses to automate the way their world is now, not to suit the technology, whilst enabling them to digitise their business and deliver innovative solutions for their customers.”

About autologyx Ltd (ALX)

autologyx® digital operations platform enables enterprise businesses to automate complex mission-critical processes faster and more cost effectively than existing automation software. autologyx® empowers organisations to embrace innovation by integrating next-generation technologies - such as AI and ML - with legacy systems, enabling low risk innovation to ensure sustained competitive advantage.

The autologyx® platform moves beyond simple task-based automation, offering a more holistic real-world automation approach. Unlike traditional process automation and workflow solutions, autologyx® is driven by events and data – not process – allowing users to build interdependent processes across business operations that can react in real time.

Designed and hosted in the cloud, at the heart is autologyx’s fabric automation® engine, a true PaaS ‘no-code’ solution enabling business users to build and run sophisticated automation applications in a fraction of the time (and thus cost) of alternative solutions.

The company, founded by Ben Stoneham, CEO, and founder investor Stephen Bullock, Chairman and serial Tech Angel Investor, is privately owned and venture backed with investment from Beacon Capital, British Business Bank, London Co Investment Fund (LCIF) and prominent Business Angels.

For more information please contact: 

Press Relations
autologyx@themediafoundry.com 

Analyst Relations
sales@autologyx.com

About the Angel CoFund

Launched in 2011, the Angel CoFund (ACF) is a privately managed and commercially focused institution that works alongside groups of business angels to invest in high potential SMEs across the UK, directly providing funding as well as encouraging the expansion and development of the business angel market.

To date the ACF has supported 80 companies (for example Ebury, Gousto, Crowd Vision and Hopster) providing more than £45 million in direct investment alongside more than £240m from business angels and other investors, making it one of the most active early stage investors in the country.

The ACF is a long-term investor and, in aggregate, sets aside £1 of further capital for every £1 it invests. This model gives portfolio companies and co-investors the support they need to propel strong growth.

To find out more, please visit www.angelcofund.co.uk.

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