[Funding alert] San Francisco-based ElectroNeek raises $20M in Series A round
San Franciso-based robotic process automation (RPA) platform ElectroNeek recently raised $20 million in Series A funding led by investment advisory firm Baring Vostok, with participation from AICPA.
Existing investors, including YellowRockets.vc, Dragon Capital, I2BF, Angelsdeck, and Gokul Rajaram, among others, also participated in the round.
According to an official statement, this round will help push ElectroNeek's valuation over $100 million. The startup will use the funds to expand its engineering, product, and support teams in India, North America, Latin America, Europe, and the Middle East.
Founded in 2019 by four friends — Sergey Yudovskiy, Dmitry Karpov, Mike Rozhin, and Alex Astafyev — ElectroNeek provides a suite of software solutions to help businesses of all sizes automate repetitive tasks, thereby simplifying IT processes and reducing costs.
According to the startup, businesses can use its solutions to build and deploy RPA bots for their customers. The clients can replace the traditional RPA vendors and save on costly bot licenses. Besides, it will also help automate a myriad of routine business processes.
"The COVID-19 pandemic has reshaped companies' priorities. Optimising costs and reducing unnecessary mundane work to shift focus onto key issues has become top of mind for business leaders. This is exactly what ElectroNeek has been created to help with,” said Sergey Yudovskiy, Co-founder and CEO, ElectroNeek.
The startup claims to have around 250 customers in over 40 countries. It also claims to have established technology and go-to-market partnerships with Microsoft, Oracle, and Nvidia.
Speaking about the development, Maxim Loginov, Partner at Baring Vostok, explained that ElectroNeek helps lowers entry barriers for the whole market and also supports new RPA developers by building an easy-to-use low-code platform.
“As a fund with a long history of betting on underdogs turned industry trailblazers, we hope that with this new funding, ElectroNeek will now be one step closer to fulfilling its vision of bringing much-needed innovation into the RPA industry," said Maxim Loginov, Partner at Baring Vostok.