ElectroNeek, a San Francisco, CA-based robotic process automation (RPA) platform for managed service providers (MSPs) and IT teams, raised $20m in Series A funding.
The round, which valued ElectroNeek at over $100m, was led by Baring Vostok with participation of AICPA and existing investors – YellowRockets.vc, Dragon Capital, I2BF, Angelsdeck, Gokul Rajaram and others.
The company plans to use the funds to expand its engineering, product and support teams in North America, Latin America, Europe, the Middle East and India.
Led by Sergey Yudovskiy, CEO, ElectroNeek offers a suite of software solutions to allow companies of all sizes to automate repetitive tasks, which simplifies IT processes and reduces costs. MSPs use it 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 company 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.