New York-based WorkFusion, a smart process automation solutions provider has announced it raising $14 million in Series C round of funding led by Nokia Growth Partners along with Mohr Davidow Ventures, Greycroft Partners, iNovia Capital and RTP Ventures.
Founded in 2010, WorkFusion is the leading smart process automation solution for the enterprise that aims to help customers automate high-volume, labor-intensive processes that are generally performed by BPOs. That can include horizontal applications like invoice and contract processing. Financing customers use the app to develop and re-mediate reference data, customer on-boarding, claims processing and regulatory compliance.
With the fresh funds, WorkFusion plans to boost the growth of the business and expand its business development efforts to help global enterprises automate the manual work that burdens large data-intensive enterprise operations. Further to the funding, Paul Asel Managing Partners with NGP will join the company’s board of directors.
“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.”
“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 crowd sourcing. 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.”
“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.”