WorkFusion raises $14M in Series C

Enterprise smart process automation company, WorkFusion has raised $14M in a Series C financing round led by Nokia Growth Partners (NGP). The funding will accelerate WorkFusion’s growth and expand its business development efforts to help global enterprises automate the manual work that burdens large data-intensive enterprise operations. The company is headquartered in New York City with offices in London and Eastern Europe. As part of the funding, Paul Asel, Managing Partner, NGP, will join the board of directors. “NPG is delighted to join Workfusion as investor and partner,” said Paul Asel, adding, “Workforce automation is the third and potentially most disruptive wave of enterprise labor transformation after outsourcing and crowdsourcing. WorkFusion automates labor intensive digital processes by accelerating time to market, improving accuracy and reducing labor costs.”

“We have been impressed with customer traction and believe WorkFusion has a significant opportunity to revolutionize digital work.”

It can be used to automate high-volume, labor-intensive processes, historically performed by business process outsourcing (BPOs), which includes orizontal applications such as invoice and contract processing. “The year 2016 will be the year of automation,” said Max Yankelevich, WorkFusion’s CEO and co-founder. “Labor arbitrage is being replaced by digital arbitrage and our customers come to us not only to eliminate 60% of their operational costs, but more importantly, to gain business agility. Our platform combines robotic process automation with workforce orchestration and machine learning in one stack, which helps customers quickly automate complex business processes.” Existing investors, Mohr Davidow Ventures (MDV), Greycroft Partners, iNovia Capital and RTP Ventures also participated in the round.