Intelligent robotic process automation company Kryon Systems said today it closed a $12 million Series B funding round to support its next-gen RPA platform and further global market expansion.
The funding round for the Israel-based company was led by Qquiline Technology Growth and Vertex Ventures, Kryon Systems said.
Kryon’s RPA solutions use visual recognition and deep-learning technologies to enable offloaded process execution to a virtual workforce with an expected $5 billion market by 2024, the company said.
“The business landscape is changing and we are at the forefront of this transformation. Our vision is to drive the RPA industry into the future by reinventing the boundaries of RPA through innovative and proprietary product developments such as Automated Process Discovery and Process Replacement. The funds will be used to hire top-level talent needed to manifest this vision. In addition to growing the company, we will increase our focus on R&D and drive the company’s global market expansion. The rapid acceleration of our North American office and establishment of new regional offices in Asia and Europe will support our increasing global presence and customer base,” CEO Harel Tayeb, who joined the company in March, said in a prepared statement.
As part of the funding round, ATG’s Michael Cichowski and Vertex’s Yanai Oron will join Kryon’s board of directors, the company said.
“Kryon’s intelligent RPA platform is transforming the workplace. We believe the value proposition and differentiated technology can shape the future of operations and business processes across many industries, namely insurance and financial services. These sectors are ripe with opportunities given the rapid, technology-driven changes, and ATG, with its deep expertise in those sectors, is excited to partner with Kryon. In addition, we have been impressed with Harel’s vision for intelligent RPA and Kryon’s global customer traction,” ATG’s Cichowski said in a press release.
“Kryon’s explosive growth over the last year is a combination of the fast-growing RPA market and a unique product offering allowing it to compete with larger companies. We invest in potential category leaders and Kryon has the ingredients to be a leader in the RPA market in the coming years,” Vertex GP Oron said in a prepared statement.
Filed Under: The Robot Report
Tell Us What You Think!