New York based WorkFusion, a robotic process automation (RPA) software company, announced their successful $50M Series E funding raise led by Hawk Equity and Declaration Partners. This most recent round brings the company's total investment to $118 million which includes prior investors: Georgian Partners, iNovia Capital and NGP Capital.
The hefty capital raise will be used to expand WorkFusion's global operations as the company positions itself to help businesses respond more quickly to change, utilizing WorkFusion’s RPA bots that learn through AI.
"Demand for our products grew 850% in 2017, reaffirming the power of AI to automate common business processes such as customer onboarding in banking, claims processing in insurance, or accounts payable in shared services," said CEO Alex Lyashok.
In addition, WorkFusion announced an expansion of its leadership team. Alex Lyashok, formerly president, is now CEO and a board member effective April 1, 2018. Co-founder and former CEO Max Yankelevich will go forward as Chief Strategy Officer, while retaining his board seat.
Joining WorkFusion is Peter Cumello as its CFO. Cumello previously led global finance organizations as CFO at Text100, as North American managing director of finance at Accenture and SVP of finance at Avanade. Dr. Homaira Akbari is now on WorkFusion's advisory board having served on the Board of Directors of several Fortune 500 public companies.
WorkFusion touts a number of “firsts” in their industry: the launch of AI-powered RPA, the launch of free RPA with RPA Express, and the launch of free education with Automation Academy. CEO Lyashok affirms the company’s commitment to “deliver firsts to the market” as part of their ongoing marketing strategy to introduce automation technology that solves critical operational problems for enterprises.