Here’s some investment news we missed when it broke in late December: WorkFusion, a company that combines machine learning and crowdsourcing to automate business processes, raised $14 million in Series C investment. The round was led by Nokia Growth Partners, and featured participation from existing investors Greycroft Partners, iNovia Capital, Mohr Davidow Ventures, and RTP Ventures.
The investment takes WorkFusion’s total capital to more than $36 million. The company says the new funding will help fuel its business development initiatives around the world.
Pictured: WorkFusion CEO Max Yankelvich demonstrating his company’s Active-Learning Automation technology at FinovateFall 2014 in New York.
Calling 2016 “the year of automation,” Yankelvich pointed out that WorkFusion’s customers have reduced operational costs by 60% and gained what he called “business agility.” For financial services companies, WorkFusion’s SaaS technology is deployed for customer onboarding, claims processing, and compliance, among other processes.
Among the more recent financial services companies to deploy WorkFusion’s technology is fellow Finovate alum, Markit, which announced its partnership with the machine learning specialist in February. The company has been profiled recently in the New York Business Journal, as well as in AlleyWatch, which features a Q&A with WorkFusion VP of Marketing, Adam Devine.
Founded in 2010 and headquartered in New York City, WorkFusion demonstrated its Active-Learning Automation platform at FinovateFall 2014. Eighteen out of the top 20 information services businesses use WorkFusion’s technology, as do leading financial, global commerce, and business process outsourcing providers. Check out our Finovate Debut post featuring WorkFusion.