TEL AVIV, Israel, October 2, 2017 /PRNewswire/ --
Led by Aquiline Technology Growth and Vertex Ventures, the funding will fuel the global expansion of Kryon and will support the development of enterprise-grade RPA solutions
Kryon Systems, the leading provider of intelligent Robotic Process Automation (RPA), announced today that it has closed $12 million in Series B funding, led by Aquiline Technology Growth (ATG) and Vertex Ventures. The new capital will be used to accelerate the development of Kryon's next-generation RPA platform as well as drive the company's global market expansion.
Kryon's industry-leading RPA solutions utilize patented visual recognition and deep-learning technologies to empower enterprises to offload process execution to a virtual workforce and drive digital transformation throughout the organization. Expected to reach $5 billion by 2024, the market for RPA services is rapidly growing as part of the digital revolution, enabling enterprises to focus on their core business, while a workforce of digital employees conducts internal processes more efficiently, accurately and productively.
This investment is the culmination of exciting changes that have taken place at Kryon over the past six months, beginning with the introduction of Harel Tayeb as CEO in March 2017. "The business landscape is changing and we are at the forefront of this transformation. Our vision is to drive the RPA industry into the future by reinventing the boundaries of RPA through innovative and proprietary product developments such as Automated Process Discovery and Process Replacement," explained Tayeb. "The funds will be used to hire top-level talent needed to manifest this vision. In addition to growing the company, we will increase our focus on R&D and drive the company's global market expansion. 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."
"Kryon's intelligent RPA platform is transforming the workplace," said Michael Cichowski of ATG. "We believe the value proposition and differentiated technology can shape the future of operations and business processes across many industries, namely insurance and financial services. These sectors are ripe with opportunities given the rapid, technology-driven changes, and ATG, with its deep expertise in those sectors, is excited to partner with Kryon. In addition, we have been impressed with Harel's vision for intelligent RPA and Kryon's global customer traction."
As part of the investment, Michael Cichowski of ATG and Yanai Oron of Vertex will join Kryon's Board of Directors.
"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," said Yanai Oron, General Partner at Vertex. "We invest in potential category leaders and Kryon has the ingredients to be a leader in the RPA market in the coming years." Vertex has previously backed Category leaders like Waze and CyberArk.
About Kryon Systems
Kryon Systems delivers innovative, intelligent Robotic Process Automation (RPA) solutions empowering companies to transcend the processes which consume their most valuable resource - time. While other RPA vendors provide tools that focus solely automating repetitive process- oriented tasks, Kryon aims for a complete and lasting solution, ultimately removing these tasks entirely from the day-to-day workflow of enterprises. Using patented visual and deep learning technologies Kryon's RPA enables companies to discover the innovators and creators amongst them by reducing the noise, complexity, errors and wasted time which go hand in hand with process execution. Kryon's intelligent RPA is changing the reality of today's process-focused business world, by offloading the repetitive, soul-crushing processes to a digital workforce not only for the increased productivity, reduced error rates, and lower operating costs, but so that companies can focus on what they want to be - creative, imaginative, revolutionary, and with greater revenue. Learn more about Kryon Systems and the numerous Fortune 500 organizations already benefiting from its products at http://www.kryonsystems.com
About Aquiline Technology Growth
Aquiline Technology Growth (ATG) seeks to invest in early- and growth-stage technology companies that are bringing innovation to the insurance and financial services ecosystems. ATG is managed by Aquiline Capital Partners, a private equity firm based in New York investing in businesses across the financial services and technology. The ATG team has experience in technology and financial services and is supported by its colleagues at Aquiline, strategic partners, and an active group of industry Executive Advisors. For more information on ATG, visit http://www.aquiline-llc.com/atg.
About Vertex Ventures
Vertex Ventures is a leading global venture capital group supporting entrepreneurs to transform their innovative ideas into world-class businesses. With cumulative committed capital in excess of $2.5 billion, Vertex invests in early-stage IT and healthcare opportunities in China, Silicon Valley, India, Israel, and South East Asia. Since 1988, Vertex is honored to have partnered with the founders of global leaders such as Waze, 91, Grab, IGG, CyberArk, Reebonz, SolarEdge, Force10, FirstCry, Yatra and Changba. Vertex Ventures Israel is one of the pillars of the Vertex Group's network of Funds focusing on early stage opportunities in the Information Technology sector in Israel. Learn more at http://www.vertexventures.com/israel.
Alex Yankus / Harry Mayfield
SOURCE Kryon Systems