Robotic Process Automation Platform ElectroNeek Raises $20 Million in Series A Funding Round to Democratize Access to RPA Technology
SAN FRANCISCO, June 1, 2021 /PRNewswire/ -- ElectroNeek, a leading robotic process automation (RPA) platform for managed service providers (MSPs) and IT teams, has announced that it raised $20 million in a Series A funding round led by Baring Vostok with participation of AICPA and existing investors - YellowRockets.vc, Dragon Capital, I2BF, Angelsdeck, Gokul Rajaram and others. Following the new funding influx, ElectroNeek's valuation now exceeds $100 million.
ElectroNeek offers a comprehensive suite of software solutions to help companies of all sizes automate repetitive tasks, which simplifies IT processes and reduces costs. ElectroNeek has democratized complex RPA technology making it accessible and affordable to all businesses. It has done so by using a unique approach to deployment and scalability of RPA workflows.
MSPs use ElectroNeek to build and deploy RPA bots for their customers while retaining full control over the pricing of their RPA projects for end users. They can also take care of bot development and administration and offer RPA-as-a-Service subscriptions which can provide a source of recurring revenue for them.
Enterprises use ElectroNeek to replace legacy RPA vendors, save on costly bot licenses and automate a myriad of routine business processes so that they can focus on more high-priority IT tasks.
"The Covid-19 pandemic has forever reshaped companies' priorities. Optimizing costs and reducing unnecessary mundane work to shift focus onto key issues has become top of mind for business leaders. This is exactly what ElectroNeek has been created to help with.
Partnering with Baring Vostok and the continuous support of our existing investors will enable us to bring more MSPs and companies of all sizes to the ElectroNeek hyperautomation ecosystem. This will put us at the forefront of accelerating adoption of RPA technology, allow us to create meaningful change and provide real help to companies of all sizes," said Sergey Yudovskiy, ElectroNeek's CEO and co-founder.
ElectroNeek now has 250 customers ranging from Fortune 500 companies and global consulting firms to smaller size MSPs in more than 40 countries. It has established technology and go-to-market partnerships with Microsoft, Oracle and Nvidia.
"ElectroNeek is a great example of a company using a unique product and distribution strategy in an already established market. Its founders are set on democratizing access to RPA technology which has already proven its bulletproof value in more than 80% of Fortune 500 companies.
ElectroNeek significantly lowers entry barriers for the whole market and supports new RPA developers by building an easy-to-use low-code platform, which is a mission we were drawn to from the start.
As a fund with a long history of betting on underdogs turned industry trailblazers, we hope that with this new funding ElectroNeek will now be one step closer to fulfilling its vision of bringing much needed innovation into the RPA industry," said Maxim Loginov, Partner at Baring Vostok.
ElectroNeek plans to use the proceeds of the funding round to significantly expand its engineering, product and support teams in North America, Latin America, Europe, the Middle East and India.
About Baring Vostok