With $220M Series F, WorkFusion looks to expand tech
Automation company will research how AI can support no-code
Intelligent automation company WorkFusion will use its freshly raised $220 million to expand its research and development into cloud-based automation, artificial intelligence (AI) and no-code solutions.
The company’s $220 million Series F funding round announced Tuesday was led by Georgian, a Toronto-based fintech investment firm. Previously, WorkFusion had raised $121.3 million in six funding rounds, most recently raising $50 million in a 2018 Series E round, according to Crunchbase. The company’s customers include the $1.6 trillion Deutsche Bank, the $926 billion Scotiabank and the $4.2 billion Carter Bank & Trust, according to its website.
The New York-based WorkFusion uses AI and robots to automate document-heavy processes in highly regulated industries, such as banking and health care. Automating Know Your Customer, anti-money laundering (AML) regulations, and manual business processes are among its use cases, CEO Alex Lyashok said. The company will conduct research along three pillars: cloud, industry use cases, and ease-of-use, he added.
The platform’s AI “watches” a process to learn how it’s done. Rather than building a bot beforehand, the bot is developed as employees go about their routines, Lyashok explained. “In fact, they’re not just doing data entry, but they’re teaching the robot how they’re doing this task,” he added.
WorkFusion is also exploring how to use AI to support businesses that may not have the technical skills required for complex automations.
“We also strive to make sure that it’s easy to use, meaning that technology can be consumed by the operational team itself — people who maybe don’t know how to code and we don’t think need to learn how to code,” Lyashok said. “We think AI can help them use technology without getting these additional skills.”
With the new round of funding, the company also plans to grow its go-to-market team in order to expand geographically into Europe and Asia, as well as into other regulated industries, such as insurance, Lyashok said.
Bank Automation Ignite, on April 13-14, is the event for inspiring automation initiatives and investment in financial services. At the virtual event, financial services professionals can discover new use cases and technologies that are accelerating automation in banking. Learn more and register at www.BankAutomationIgnite.com.
