Kryon Systems, a provider of intelligent Robotic Process Automation (RPA), announced today that it has closed $12 million in Series B funding, led by Aquiline Technology Growth (ATG) and Vertex Ventures. The new capital will be used to accelerate the development of Kryon’s next-generation RPA platform as well as drive the company’s global market expansion.
Kryon's industry-leading RPA solutions utilize patented visual recognition and deep-learning technologies to empower enterprises to offload process execution to a virtual workforce and drive digital transformation throughout the organization. Expected to reach $5 billion by 2024, the market for RPA services is rapidly growing as part of the digital revolution, enabling enterprises to focus on their core business, while a workforce of digital employees conducts internal processes more efficiently, accurately and productively.
This investment is the culmination of exciting changes that have taken place at Kryon over the past six months, beginning with the introduction of Harel Tayeb as CEO in March 2017. “The business landscape is changing and we are at the forefront of this transformation. Our vision is to drive the RPA industry into the future by reinventing the boundaries of RPA through innovative and proprietary product developments such as Automated Process Discovery and Process Replacement,” explained Tayeb. “The funds will be used to hire top-level talent needed to manifest this vision. In addition to growing the company, we will increase our focus on R&D and drive the company’s global market expansion. The rapid acceleration of our North American office and establishment of new regional offices in Asia and Europe will support our increasing global presence and customer base.”
“Kryon’s intelligent RPA platform is transforming the workplace,” said Michael Cichowski of ATG. “We believe the value proposition and differentiated technology can shape the future of operations and business processes across many industries, namely insurance and financial services. These sectors are ripe with opportunities given the rapid, technology-driven changes, and ATG, with its deep expertise in those sectors, is excited to partner with Kryon. In addition, we have been impressed with Harel’s vision for intelligent RPA and Kryon’s global customer traction.”
As part of the investment, Michael Cichowski of ATG and Yanai Oron of Vertex will join Kryon’s Board of Directors.
“Kryon’s explosive growth over the last year is a combination of the fast-growing RPA market and a unique product offering allowing it to compete with larger companies,” said Yanai Oron, General Partner at Vertex. “We invest in potential category leaders and Kryon has the ingredients to be a leader in the RPA market in the coming years.” Vertex has previously backed Category leaders like Waze and CyberArk.