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.”
The Autologyx® next-generation agile Fabric Automation® Platform, enables enterprise businesses to take control of automating their own complex processes to drive real business value. Its proprietary SaaS (Software-as-a-Service) platform and unique Think. Build. Connect. Run.® capability enables any enterprise to successfully and quickly apply iRPA (intelligent Robotic Process Automation).
Global blue-chip brands that have benefited from the Autologyx® iRPA technology include Capita, Boeing, Adecco, Eversheds and Centrica.
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, London Co Investment Fund (LCIF), British Business Bank Angel CoFund and prominent Business Angels.
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About the Angel CoFund
Launched in 2011, the Angel CoFund 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.
Supported by the British Business Bank with funding from the Department of Business, Energy and Industrial Strategy, the £100m Angel CoFund is able to make initial investments of between £100,000 and £1 million into businesses, alongside syndicates of business angels.
To date the Angel CoFund has supported 75 companies (for example Ebury, Gousto, Crowd Vision and Hopster) providing over £35 million in direct investment alongside more than £165m from business angels and other investors, making it one of the most active early stage investors in the country.
The Angel CoFund is a long-term investor and, in aggregate, sets aside £1 of further capital for every £1 it invests. The model gives portfolio companies and co-investors the support they need to propel strong growth.
For more information visit: www.angelcofund.co.uk