Workato Secures $25M in Funding to Transform Digital Businesses Through Intelligent Automation
CUPERTINO, Calif., Dec. 5, 2018 /PRNewswire/ -- Workato, the leading intelligent integration and automation platform, today announced the completion of $25 million in Series B funding from Battery Ventures, Storm Ventures, ServiceNow, and Workday Ventures. This brings the total investment raised by Workato to $41M.
Workato is the only company to date with investment from three of the largest software as a service (SaaS) companies(1) - Salesforce, ServiceNow, and Workday.
While companies recognize that automation is key to delivering smarter, more connected customer and employee experiences, they often struggle to successfully implement it due to the divide between IT and business teams. The SaaS explosion and the resulting data fragmentation across apps add to the noise – today's average enterprise uses 1,935 applications according to data from McAfee(2), thereby leading to an influx in integration projects.
"We are enabling a new era of automation where, for the first time, employees are empowered to access critical information from across their cloud and legacy systems. Not only to streamline their business operations, but also to make them intelligent with AI and ML," said Vijay Tella, CEO of Workato. "We are excited by the support from our customers, partners, and investors as we work to make this future a reality."
Workato helps businesses move forward, providing a single platform that IT and business teams can use to:
- Integrate data across these cloud and legacy apps
- Automate full business processes like employee onboarding or order-to-cash
- Deploy Artificial Intelligence and Machine Learning powered bots to automte the rote and disconnected work experience of individual employees
- Deliver integration and automation projects 10x faster
As the need for expertise in digital transformation continues to soar, so does Workato's growth. The company grew 300% in 2017. Its product is used by more than 3,500 customers across 57 countries. The company was also named a leader in the 2018 Gartner Magic Quadrant (MQ) for Enterprise Integration Platform as a Service (iPaaS) and by Forrester in the Forrester Wave for Dynamic iPaaS.
"Today, every business is becoming a digital business, and automation and new digital workflows play a key role in enabling that data-driven future," said Neeraj Agrawal, general partner at Battery Ventures. "We are excited to partner with Vijay and the rest of the Workato team to help businesses more efficiently manage data, applications and other advanced workflows—and make that digital future a reality."
"Workato provides a solid glimpse into the future of work - a single platform that can be used to automate work across the organization quickly and effectively - helping to create more seamless worker experiences," said Leighanne Levensaler, senior vice president, corporate strategy, and managing director and co-head, Workday Ventures. "We're excited to increase our investment in the platform as it continues to help our customers transform their businesses."
Workato is the operating system for today's fast-moving business. Recognized as a leader by Gartner and Forrester, it is the only intelligent automation platform that enables both business and IT to integrate their apps and automate even the most mission-critical workflows without compromising security and governance. Workato is trusted by over 3,500 of the world's top brands and fastest growing innovators.
For more information, visit www.workato.com or connect with us on social media:
About Battery Ventures
Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technology. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area, Israel and London. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.
1. Statistica, Leading SaaS providers by market capitalization worldwide as of June 2018 (in billion U.S. dollars)
2. McAfee, "Navigating a Cloudy Sky: Practical Guidance and the State of Cloud Security"
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