Today’s investment in WorkFusion is a reminder that AI is one of the hottest trends in fintech. With AI already proving to be one of the hottest trends in fintech this year, the news of today’s investment is not surprising. The AI automation company announced today it raised $35 million in a round led by Georgian Partners. Existing investors Mohr Davidow Ventures, iNovia, Nokia Growth Partners, Greycroft, and RTP Ventures also participated in the Series D round, bringing the company’s total funding to $71 million.
New York-based WorkFusion plans to use the funds to “accelerate customer adoption of AI-powered automation.” Justin LaFayette, Managing Partner at Georgian Partners said he invested in WorkFusion because it “has made machine learning practical and powerful for enterprise operations.”
Founded in 2010, WorkFusion leverages self-learning and automation to eliminate manual, back-office work. The company also offers AI-powered chatbots to assist with front-office operations. At FinovateFall 2014, WorkFusion debuted Active Learning Automation, a system that actively tracks human work to establish patterns and automatically trains algorithms to follow those patterns.
The company highlighted a number of its 2016 successes in today’s press release:
- Named the number one solution in Everest Group’s Vision and Capability quadrant in its “Robotic Process Automation (RPA) – Technology Vendor Landscape with FIT Matrix™ Assessment – Technologies for Building a ‘Virtual Workforce'” (Dec. 2016) report
- Recognized in Garner, Inc.’s “Cool Vendors in Smart Machines, 2016” report for its ability to “do (at scale) what, five years ago, either required expensive human labor or could not be done at all”
- Launched the world’s first free RPA product for enterprise operations, WorkFusion RPA Express, to accelerate the digital transformation of work
- Opened new office in Delhi, India, supporting its increased focus on APAC and supplementing its already robust presence in EMEA
- Trained hundreds of developers at top tier partners globally
For further coverage, check out our Finovate Debuts feature on WorkFusion.