February 26, 2019
Funding Led by OAK HC/FT, with Participation from Aquiline and Vertex
Kryon®, a leading robotic process automation (RPA) company enabling enterprises to achieve continuous process optimization and change the way employees work, today announced the completion of its Series C financing round of $40 million led by OAK HC/FT. Both Aquiline Technology Growth and Vertex Ventures – the firms that had led Kryon’s Series B round – have also exercised their option to expand their previous investments.
Kryon intends to use the funds to continue development of its innovative technology and penetration into new geographies by expanding its sales and marketing teams and opening additional offices around the globe.
“RPA is one of the fastest-growing industries, and Kryon is leading the pack with their innovation and technology,” said Tricia Kemp, Co-Founder and General Partner of OAK HC/FT. “Kryon’s revolutionary product, Process Discovery, has distinguished itself as a key driver to RPA adoption, and we believe that the company will continue to be a leading force in the industry. The company has already forged some key partnerships with companies such as Microsoft, IBM, Software AG, EY and many more.”
Kryon’s Process Discovery™ has greatly impacted the automation landscape, proving to significantly accelerate the time it takes for enterprises to scale RPA deployment and reduce implementation time by up to 80 percent. Process Discovery creates a holistic RPA solution – dramatically lowering the total cost of ownership and enabling enterprises to achieve continuous process optimization. Since launch, Kryon’s Process Discovery has begun to fundamentally change the way enterprises view RPA – replacing subjective guesswork with objective analysis, while minimizing the work that a company’s employees must perform before they can start automating processes.
“We are excited to bring on such a well-respected strategic investor that shares our vision of holistic RPA,” said Harel Tayeb, CEO of Kryon. “Kryon has seen tremendous growth in the past year, bolstered by the release of Process Discovery. With this new funding, we plan to accelerate our efforts to provide enterprises with today’s most innovative RPA solutions, enable them to ‘automate the automation’ through Process Discovery and pave the way for them to realize the dream of a robot for every employee.”
Known for its business-centric approach, unique technological innovations and utilization of artificial intelligence in its RPA and Process Discovery platforms, the company achieved a year-over-year sales increase of more than 100% in 2018 and brought on board veteran executives: Richard French, Chief Revenue Officer, Julie Shafiki, Chief Marketing Officer and Jim O’Gara as VP, Global Partners.
Dan Petrozzo, Venture Partner at OAK HC/FT, will join Kryon’s Board of Directors and Matt Streisfeld, Principal at Oak HC/FT, will join as a Board Observer.
To learn more about Kryon, please visit https://www.kryonsystems.com/.
Kryon is a leader in enterprise automation, offering the only platform on the market which encompasses both Process Discovery and Robotic Process Automation (RPA). This end-to-end solution maximizes ROI and cuts implementation time by 80%. Powered by proprietary AI technology, Kryon Process Discovery™ automatically generates a comprehensive picture of business processes, evaluates them and recommends which ones to automate. Kryon offers attended (desktop) RPA, unattended (virtual-machine-based) RPA and a hybrid combination of both. The company's award-winning platform is used by enterprises worldwide, including AIG, Allianz, American Express, AT&T, Ernst & Young, Ferring Pharmaceuticals, HP, Microsoft, Santander Bank, Singtel Optus, Verizon and Wyndham Hotel Group.
ABOUT OAK HC/FT
Founded in 2014, Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services ("HC") and Financial Services Technology ("FT"). With $1.1 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT, with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn, and Medium.