Draft:WorkFusion, Inc

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WorkFusion
Private
Industry Computer software
FoundedJun 1, 2010
FoundersMax Yankelevich, Andrew Volkov
HeadquartersNew York City, NY, United States
Key people
Alex Lyashok, President & CEO
Marc Aché, CTO, Engineering
Monica Jonas, COO
Peter Cumello, CFO
Number of employees
333 as of April 2019
Websitewww.workfusion.com

WorkFusion, Inc. is a software-as-a-service (SaaS) company which develops AI-driven intelligent automation technology[1][2] that combines robotic process automation (RPA), machine learning (ML), optical character recognition (OCR), live analytics and business process management (BPM) to digitize and optimize operations for companies worldwide.[3][4][5][6][7]

The company is headquartered in New York City, N.Y., United States, and has offices in Bangalore (India), London, Minsk (Belarus), Munich, Paris, Singapore, Tokyo, and additional presences worldwide.[4]

History[edit]

In 2010, co-founders Max Yankelevich and Andrew Volkov sponsored exploratory research[8] that inspired them to develop WorkFusion’s first product, which orchestrated manual work by combining advanced statistical quality control with machine learning (ML). By 2013, the company was founded under the name CrowdComputing Systems and launched a financial services-focused cloud platform.[9]

Through 2014 and 2015, the company rebranded as WorkFusion and introduced the first integrated RPA and AI-integrated automation platform, known as Smart Process Automation (SPA).[10] The company created its first partnerships in 2016, including agreements with Markit Ltd, VirtusaPolaris[11][12] and more, and soon expanded its presence to India[13] and entered banking, retail, and insurance industries globally.[5][6][7][14]

In 2017, WorkFusion and Owliance Group announced the first deployment of AI-powered automation in France.[15] The same year, it released its free RPA product, RPA Express,[16] and opened its online educational portal, Automation Academy.[17]

In 2019, WorkFusion announced Intelligent Automation Cloud,[2] its unified AI-based platform, and started its partnership with NEC Corporation to accelerate adoption of AI-driven RPA on global markets.[5] In June 2019, it was included in the first Gartner’s Magic Quadrant for RPA software as a Visionary.[1]

Funding[edit]

  • 2011: Raised $2.3 million seed funding via Greycroft Partners and RTP Ventures[18]
  • 2013: Raised $5 million Series A funding; Peak Opportunity Partners joins as investor[18]
  • 2014: Rebranded as WorkFusion, company raised $15 million in Series B, including new investor iNovia Capital[19]
  • 2015: Raised $14 million in Series C round, with additional investors Mohr Davidow Ventures and NGP Capital[10][20][21]
  • 2016: Raised $35 million, and adds new investor Georgian Partners, in its Series D funding[14]
  • 2018: Raised $50 million in Series E, with new investors PNC Bank, NewYork-Presbyterian Ventures, Hawk Equity, and Guardian; bringing the total funding amount to $121 million.[6][7]

References[edit]

  1. ^ a b "Magic Quadrant for Robotic Process Automation Software". Gartner. Retrieved July 8, 2019.
  2. ^ a b "WorkFusion Brings Intelligent Automation Mainstream with Intelligent Automation Cloud and High-Speed Go-Live Program". Business Wire. Retrieved April 10, 2019.
  3. ^ "RPA vendor WorkFusion looks to drive smarter AI". ChannelBuzz. Retrieved May 20, 2019.
  4. ^ a b "WorkFusion Company Profile - Office Locations, Competitors, Revenue, Financials, Employees, Key People, Subsidiaries". Craft. Retrieved December 4, 2018.
  5. ^ a b c "WorkFusion and NEC Partner to Bring AI-driven Robotic Process Automation to Global Markets". Bloomberg. Retrieved June 5, 2019.
  6. ^ a b c "WorkFusion expands $50M Series E round, adds Guardian, NewYork-Presbyterian, The PNC Financial Services Group and AI Capital as strategic investors". Global Banking Finance Review. Retrieved June 5, 2018.
  7. ^ a b c "US Giant Raises 50 Million Dollar in Series E Funding". Insights Success. Retrieved June 4, 2018.
  8. ^ "WorkFusion – Can A Robot Be Your Boss?". Techweek. Retrieved June 11, 2018.
  9. ^ "CrowdComputing Systems Upends the BPO Model with SaaS Workforce Solution for Financial Services". PR Newswire. Retrieved September 4, 2013.
  10. ^ a b "WorkFusion Raises $14M to Drive Smart Process Automation in Enterprise". PR Newswire. Retrieved December 21, 2015.
  11. ^ "VirtusaPolaris and WorkFusion to Deliver Robotic Automation and AI-powered Cognitive Automation to the Financial Services Sector". Business Wire. Retrieved April 26, 2016.
  12. ^ "VirtusaPolaris, WorkFusion tie-up to deliver robotic automation to banking and financial sectors". The Economic Times. Retrieved April 27, 2016.
  13. ^ "WorkFusion opens in India, increases its focus on APAC". PR Newswire. Retrieved November 24, 2016.
  14. ^ a b "WorkFusion Using $35M in New Cash to Expand in Business Automation". Xconomy. Retrieved January 31, 2017.
  15. ^ "WorkFusion and Owliance Group bring AI-powered cognitive automation to France". AiThority. Retrieved October 25, 2017.
  16. ^ "WorkFusion launch first free robotic process automation tool, AI enterprise efforts accelerating". Enterprise Apps Tech News. Retrieved April 5, 2017.
  17. ^ "WorkFusion Launches Partner Portal to Support Rise in AI-driven Automation Engagements". Markets Insider. Retrieved September 13, 2018.
  18. ^ a b "CrowdComputing Systems Raises $5M Series B Funding". FinSMEs. Retrieved July 9, 2013.
  19. ^ "WorkFusion Secures $15M Series B Funding". PR Newswire. Retrieved April 29, 2014.
  20. ^ "With $14M these robots could bring outsourced jobs back to New York City". New York Business Journal. Retrieved December 21, 2015.
  21. ^ "The Daily Startup: WorkFusion Raises $14M for Software to Take On Boring Jobs". The Wall Street Journal. Retrieved December 21, 2015.

External links[edit]

WorkFusion website

WorkFusion[edit]