Kryon Systems, a provider of intelligent Robotic Process Automation (RPA) based in New Jersey and Israel has recently closed a US$12 million Series B funding, co-led by Vertex Ventures and Aquiline Technology Growth (ATG).
The startup looks to help companies streamline their business operations, and free knowledge workers from handling repetitive, tedious tasks. It offers a solution called the Leo platform that uses visual recognition and deep-learning technologies to offload process execution to a virtual workforce.
The platform uses a drag-and-drop interface to create custom workflows for various tasks, like writing emails and filling in spreadsheets. This goes without the need of implementing custom code that more often take up a lot of effort if there are multiple applications to modify.
Commenting on the investment, the General Partner at Vertex Ventures Yanai Oron said, “We invest in potential category leaders and Kryon has the ingredients to be a leader in the RPA market in the coming years.”
According to Grand View Research, the global RPA market is projected to reach US$8.75 billion by 2024, with its expected impact on business operations and processes across many industries, especially insurance and financial services.
“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.”
This Series B investment follows the appointment of Harel Tayeb as Kryon CEO in March this year, and is aimed to accelerate the development of Kryon’s next generation RPA platform as well as to drive the company’s global market expansion.
“In addition to growing the company, we will increase our focus on R&D and drive the company’s global market expansion,” said Tayeb. “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.”
The next step for the company, is to automate process discovery where Kryon can identify processes that could benefit from this kind of automation.
“One of the things we are going to do is provide process discovery using deep learning to understand processes and generate process automation automatically,” he added.
Following this investment, ATG’s Michael Cichowski and Vertex Venture’s Yanai Oron will join Kryon’s Board of Directors.