AI-based automation startup AntWorks raises $15 M from Japan's SBI Holdings

The startup founded by a former Infosys employee will use the fresh funds to foray into newer markets and strengthen its R&D engine.

AntWorks, an artificial intelligence and automation solutions startup founded in 2015 has raised Series A funding of $15 million from financial services company SBI Investments Co, a subsidiary of SBI Holdings, based in Japan, at an undisclosed valuation.

AntWorks, which is headquartered in Singapore, was founded by Asheesh Mehra, a former employee of Infosys, and Govind Sandhu. The startup has offices in India.

AntWorks will use this investment to strengthen its R&D, marketing and sales engine, and foray into newer markets. As part of this agreement, AntWorks and SBI Holdings will also form a joint venture to tap into opportunities in the AI space in the Southeast Asian market.

In a statement released to the press, Asheesh Mehra, Founder and Group CEO said, “When Govind Sandhu and I started AntWorks with a small, passionate group of people, the dream was to create a company that would serve as a catalyst for enterprises on their digitisation journey. SBI Holdings reposing this faith in us with both the investment and the joint venture is a validation and an opportunity to grow and come into what we have always believed AntWorks can be – a true leader forging a new path, reimagining business as usual.”

AntWorks, which provides Robotic Process Automation (RPA) solution, has around 450 customers with presence in four continents. It said that its revenue has grown in three-digit multiples.

Yoshitaka Kitao, Representative Director, President, and CEO of SBI Holdings Inc., said, “SBI Group is actively involved in introducing RPA solutions to financial institutions in Japan and strongly believes in the future of this field.”

AntWorks’ technology platform ANTstein allows for data ingestion, RPA and artificial intelligence solution for businesses.

“With this investment we will work together with SBI Group to bring end-to-end, AI-based enterprise RPA to the globe in a way not done before. Our goal is to empower enterprises in emerging markets like the Philippines, India, China etc., by unleashing the limitless potential of machine learning and cognitive automation,” Govind added.