Israeli robotic process automation company Kryon Systems today announced the completion of its $40 million Series C financing round led by OAK HC/FT with the participation of previous investors Aquiline Technology Growth and Vertex Ventures.
Founded in 2008 in Tel Aviv, Kryon enables enterprises to achieve continuous process optimization and change the way employees work. The company has raised $57 million to date and has 120 employees, of whom 80 are in Tel Aviv.
Kryon will use the funds to continue development of its technology and enter new markets by expanding its marketing and sales teams and open more offices worldwide.
Kryon CEO Harel Tayeb said, "We are excited to bring on such a well-respected strategic investor that shares our vision of holistic RPA. Kryon has seen tremendous growth in the past year, bolstered by the release of Process Discovery. With this new funding, we plan to accelerate our efforts to provide enterprises with today's most innovative RPA solutions, enable them to 'automate the automation' through Process Discovery and pave the way for them to realize the dream of a robot for every employee."
"RPA is one of the fastest-growing industries, and Kryon is leading the pack with their innovation and technology," said Tricia Kemp, Co-Founder and General Partner of OAK HC/FT. "Kryon's revolutionary product, Process Discovery, has distinguished itself as a key driver to RPA adoption, and we believe that the company will continue to be a leading force in the industry. The company has already forged some key partnerships with companies such as Microsoft, IBM, Software AG, EY and many more."
Kryon Process Discovery has greatly impacted the automation landscape, proving to significantly accelerate the time it takes for enterprises to scale RPA deployment and reduce implementation time by up to 80%. Process Discovery, in conjunction with Kryon's RPA solutions, creates a unique end-to-end RPA experience - dramatically lowering the total cost of ownership and enabling enterprises to achieve continuous process optimization. Since launch, Kryon Process Discovery has begun to fundamentally change the way enterprises view RPA - replacing subjective guesswork with objective analysis, while minimizing the work that a company's employees must perform before they can start automating processes.
Published by Globes, Israel business news - en.globes.co.il - on February 26, 2019
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