Robotic process automation (RPA) leader Automation Anywhere on Monday said it has secured $200 million in financing from Silicon Valley Bank, SVB Capital, and Hercules Capital and this will further help companies build a digital workforce.
According to Gartner, automation could result in a $15 trillion benefit to the global economy by 2030.
In 2022, Automation Anywhere cloud customers have run an estimated 50 million automations, with leading companies deploying thousands of bots across their organisations.
“We continue to be optimistic about the near-term opportunities for Automation Anywhere, as more companies scale automation and use the flexibility of our cloud platform to mitigate the impact of global events and navigate market challenges,” said Mihir Shukla, CEO and co-Founder, Automation Anywhere.
“The financing enables us to expand on our mission to unleash human potential by helping every company build a digital workforce and succeed with automation,” he added.
Recent research from Automation Anywhere reveals that automation budgets are dramatically increasing, with more than 77 per cent of organisations indicating they will boost their automation budgets in the year ahead.
“Our cloud strategy is working and is efficient, and with over 80 per cent of our business being cloud, our over 50 per cent revenue growth and strengthening margins have risen to the level that we believe $200 million is more than sufficient capital to see us through to profitability,” said James Budge, Chief Financial Officer, Automation Anywhere.
Bob Blee, Head of US Technology Corporate Banking at Silicon Valley Bank, said that Automation Anywhere is a leader in RPA and is helping companies automate and digitise enterprise processes that increase the productivity of their workforce, digitally transform their business, and become more resilient.
“The solutions Automation Anywhere provides are invaluable and we are excited to continue to support them as they accelerate the adoption of RPA,” Blee added.