Softomotive, a Robotic Process Automation (RPA), announced its Series A financing round of $25 million with Grafton Capital. This investment will help Softomotive grown in rapidly-expanding RPA market. Grafton Capital is based in London and makes minority investments in rapidly growing, founder-owned software companies across Europe. Softomotive has selected London as it’s home city and recently moved to new offices.
The business world has woken up to the huge potential of RPA to improve performance by automating, repetitive, time-consuming tasks. Often, this need is generated by the existence of stand-alone legacy systems which are business-critical but expensive and difficult to replace. Interest has peaked as RPA is increasingly seen as a keystone of digitisation, which is top of most management agendas. According to P&S Market Research (May 2108), the RPA market is expected to reach $8.6 billion by 2023, growing at a CAGR of 36.2% during 2018-2023.
Softomotive, was one of the early pioneers of RPA with Win Automation and has since strengthened its market position with ProcessRobot, a leading enterprise RPA platform, including best-of-breed 3rd party AI tools. Together, these products, covering both attended (robots interacting with humans) and unattended (robots working independently) automation, provide enterprises of all sizes with the smoothest RPA journey by enabling them to start small, learn quickly and scale seamlessly.
“With this injection of growth capital and with London as its new base, Softomotive will expand its global footprint and accelerate the development of its product roadmap with a special emphasis on desktop automation and RPA for medium-sized enterprises,” said Marios Stavropoulos, CEO and Co-Founder of Softomotive. “We look forward to working with Grafton Capital as we enter our next growth phase.”
“Right from the start, Softomotive has proven to be a pioneer and innovator in the RPA marketplace,” added Argyris Kaninis, COO and Co-Founder of Softomotive. “With our unique portfolio comprising both desktop and server-based RPA software, we are well placed to serve enterprises of all sizes and this new partnership with Grafton Capital will help us achieve our future goals, including being a disruptive influence on the growing RPA market.”
Oliver Thomas, who led the investment for Grafton Capital and will join Softomotive’s Board of Directors commented: “We have spent the last months talking to industry leading enterprises in the US, Europe and Asia, all of whom have made rigorous assessments and selected Softomotive’s products ahead of other RPA leaders. It’s a great privilege to be working with founders who have built a world class product and have a clear vision as this exciting software category moves from early adoption to mass deployment.”