Stephen Bullock, chairman of autologyx
The software-as-a-service (SaaS) provider will use the pre-series A investment to accelerate its go-to-market strategy.
iRPA (intelligent Robotic Process Automation) SaaS specialist autologyx has secured over £1.5m in its latest round of funding.
The pre-series A round, filled in under three months and oversubscribed, illustrates that autologyx has captured investor appetite for technologies powering the fourth industrial revolution.
The round was supported by Beacon Capital alongside the existing investor base, with notable new investors including Angel CoFund and Richard Hargreaves, one of the early investors in first generation RPA business Blue Prism Group plc, now a world market leader.
Hargreaves will now also join autologyx as a non-executive director following Angel CoFund’s investment, strengthening the board with his extensive market experience.
Stephen Bullock, chairman of autologyx, said: “UK investors have played a key role in the RPA industry to-date and been rewarded accordingly; pioneers Blue Prism are now valued at over £800m on AIM and autologyx aspires to follow their path to success.”
Tim Mills, investment director at the Angel CoFund, added: "autologyx is using robotics - machine learning and artificial intelligence - to automate everyday business processes and therefore make companies more efficient.
“This is truly the stuff of the future, and an exciting prospect for any investor looking to be a part of the next wave of business innovation.
“The interest the company has garnered from investors is credit to its pioneering position in the space and we're delighted to be on board with autologyx for this exciting stage of their journey."
Bullock concluded: “We are very pleased to have doubled the size of the round and closed within record time.
“autologyx is in the right place, at the right time and this funding is what we need to accelerate our go-to-market strategy.
“It’s clear to our clients and investors that autologyx is a game changer.”
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