Automation Anywhere raises $200 million

US-based robotic process automation (RPA) firm Automation Anywhere said on Monday it has raised $200 million from Silicon Valley Bank, SVB Capital, and Hercules Capital. 

The capital infusion is intended to provide the California-headquartered software company operational and strategic capital for the next several years, it said in a statement. 

Softbank-backed Automation Anywhere had last raised $290 million led by Salesforce Ventures and was valued at $6.8 billion.

It also counts Goldman Sachs, General Atlantic, New Enterprise Associates as its investors.

Automation Anywhere did not immediately respond to queries seeking its valuation after the current round.

The investment brings the firm’s total fundraise to $1.04 billion, about half of which it raised in a Series A round ($550 million) in 2018.

“This partnership and financing with Silicon Valley Bank and Hercules Capital, complements an already strong balance sheet,” said James Budge, chief financial officer, Automation Anywhere. 

Automation Anywhere was founded in 2003 by Mihir Shukla, Ankur Kothari, Neeti Mehta Shukla and Rushabh Parmani. In India, it has an office in Bengaluru. 

The company works with large traditional enterprises to help them automate their business processes using natural language processing, deploying the software alongside human workforce. It is betting on increased automation spending by enterprises. Its clients include Tech Mahindra, Symantec and Dell among others.

“Our cloud strategy is working and is efficient, and with over 80% of our business being cloud, our over 50% revenue growth and strengthening margins have risen to the level that we believe $200 million is more than sufficient capital to see us through to profitability,” said Budge.

“We continue to be optimistic about the near-term opportunities for Automation Anywhere, as more companies scale automation and use the flexibility of our cloud platform to mitigate the impact of global events and navigate market challenges,” said Mihir Shukla, co-founder and chief executive officer, Automation Anywhere.

“The financing enables us to expand on our mission to unleash human potential by helping every company build a digital workforce and succeed with automation.”