Robotic process automation (RPA) company Kryon has netted $40m in its Series C round which was led by OAK HC/FT.
Other contributions to the round came from Aquiline Technology Growth and Vertex Ventures, both of which backed the company’s previous series round. The two firms have exercised their option to expand their previous investments.
With the new equity, the company will further the development of its technology and look to expand into new geographies. To support these goals, Kryon will hire more staff to its sales and marketing teams and open new offices around the world.
Kryon develops end-to-end RPA technology to help firms in the finance and banking, insurance, telecom and call centre spaces to optimise their processes. Its AI technology automatically generates a comprehensive overview of business processes, evaluates them and then suggests automated solutions.
Financial institutions can implement the RPA tools to automate their risk management and compliance processes. Its technology can help them to monitor and aggregate data from various regulatory sources and ensure compliance teams are up-to-date.
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.”
In line with the funding, OAK HC/FT venture partner Dan Petrozzo will join the Kryon board of directors, while Oak HC/FT principal Matt Streisfeld will join as a board observer.
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