SoftBank to invest $300 million in Automation Anywhere

By: | Updated: November 17, 2018 10:52 AM

Praveen Akkiraju, managing partner at Softbank Investment Advisers, said enterprises of all sizes are in the midst of a major transition to digital platforms and SoftBank is excited to partner with Automation Anywhere to accelerate this transformation.

The funding is subject to regulatory approvals and satisfaction of other customary closing conditions, the company said in a release.

Automation Anywhere, a company which has the expertise in Robotic Process Automation (RPA), has raised $300 million from the SoftBank Vision Fund. This fundraising is an expansion to the company’s Series A round announced in July, bringing the financing to over $500 million.

The funding is subject to regulatory approvals and satisfaction of other customary closing conditions, the company said in a release. RPA enables companies to automate business processes.
Automation Anywhere claims that its enterprise-grade platform uses software bots that work side by side with people to do much of the repetitive work in many industries. “It combines sophisticated RPA, cognitive and embedded analytic technologies. Over 1,400 organisations use this AI-enabled solution to manage and scale business processes faster, with near-zero error rates, while dramatically reducing operational costs,” the company said.

The SoftBank Vision Fund seeks to invest in the technology sector, making use of SoftBank’s technology expertise and investment experience. The fund is expected to invest in businesses and foundational platforms that SoftBank believes will enable the next age of innovation and make tomorrow’s world possible, according to its website.

Mihir Shukla, CEO and co-founder at Automation Anywhere, stated in the release that with the additional capital, the company will not only continue to deliver the most advanced RPA to the market, but will help bring artificial intelligence to millions.
“Like the introduction of the personal computer (PC), we see a world where every office employee will work alongside digital workers, amplifying human contributions. Today, employees must know how to use a PC and very soon employees will have to know how to build a bot,” he said.
Praveen Akkiraju, managing partner at Softbank Investment Advisers, said enterprises of all sizes are in the midst of a major transition to digital platforms and SoftBank is excited to partner with Automation Anywhere to accelerate this transformation.

In early July, the company had announced that it has completed its Series A financing round of $250 million led by New Enterprise Associates (NEA) and Goldman Sachs Growth Equity with participation from General Atlantic and World Innovation Lab (WiL). Back then, the Series A financing round had brought Automation Anywhere’s post-money valuation to $1.8 billion.

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