WorkFusion, a business process automation software developer, has raised $50 million in a new, strategic round of funding as it prepares to start adding new verticals to its product suite.
The company’s new cash came from the large insurance company, Guardian; healthcare services provider New York-Presbyterian; and the commercial bank, PNC Bank. Venture investor Alpha Intelligence Capital, which specializes in backing artificial intelligence-enabled companies, also participated in the new financing.
Certainly WorkFusion seems to have come a long way since its days hiring crowdsourced workers to train algorithms how to automate the workflows that used to be done manually. The company has raised a lot of money — roughly $121 million, according to Crunchbase — which is some kind of validation, and in its core markets of financial services and insurance it’s attracted some real fans.
“Guardian uses data to better understand and serve customers, and WorkFusion will bring new data-driven intelligence capabilities into the company,” said Dean Del Vecchio, executive vice president, chief information officer and head of Enterprise Shared Services at Guardian, in a statement. “We look to invest in and deploy RPA and AI technology that can help us leap forward in operations and improve outcomes — WorkFusion has that potential.”
According to chief executive Alex Lyashok, the company now intends to begin looking at acquisition opportunities that can “complement our technology,” he said. “WorkFusion today is focused on banking, financial services and insurance. This problem [of automation] is not endemic to those industries.”
Particularly of interest to the New York-based company are those industries that missed out on the first wave of automation and digitization. “Industries that have already invested in digitization are being very aggressive, but companies that have been very manual and then have not developed a technology program internally,” also represent a big opportunity, Lyashok said.