Silicon Valley company raises $250 million to automate "mundane" jobs
Automation Anywhere, a 15 year-old robotic process automation company, raised $250 million in Series A funding at a $1.8 billion post-money valuation.
Why it's a big deal: Because the San Jose, Calif.-based company is a test case for the labor force replacement debate, with an outsourced, cognitive bot army that helps global enterprises automate rote tasks like processing insurance claims and mortgage applications.
"Part of Automation Anywhere’s mission, CEO Mihir Shukla says, is also to use the power of automation to 'remove the mundane from everybody’s life,' allowing human workers to focus on higher-order tasks. From his own observations, he says, the transformation doesn’t shrink the human workforce at client companies. Such companies attract more applicants, Shukla says, because they move fast and create more jobs."
NEA and Goldman Sachs co-led the round, and were joined by General Atlantic and World Innovation Lab.