Softomotive, a of robotic process automation (RPA) solutions developer, has secured $25m in its Series A financing round from Grafton Capital.
Through this injection of equity, the company will look to capitalise on the growing global demand for RPA services. The company will look to expand its global footprint and speed up the development of its product roadmap, with a special focus on desktop automation and RPA for medium-sized businesses.
Alongside this funding, the company has moved its offices to London, the home city of its new investor Grafton.
Softomotive is a robotic process automation solution developer, delivering software to all sized businesses, having helped over 7,000 companies to date, according to the company. Its services are used within finance and accounting, insurance, banking, healthcare, and telecommunications.
Through its automation technology it can help financial services to streamline and optimise their back-office procedures, improving the holding of data and compliance with regulations.
The company develops products for both robots working independently and robots working with human interaction.
Softomotive COO and co-founder Argyris Kaninis said, “With our unique portfolio comprising both desktop and server-based RPA software, we are well placed to serve enterprises of all sizes and this new partnership with Grafton Capital will help us achieve our future goals, including being a disruptive influence on the growing RPA market.”
As part of the deal, Grafton Capital co-founder and partner Oliver Thomas has joined the company’s board of directors.
Earlier in the year, fellow RPA developer WorkFusion closed its Series E round on $50m as it looks to grow its international efforts.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
