[Funding alert] JIFFY.ai raises $53M in Series B round led by Eight Roads Ventures
Palo Alto, California-headquartered enterprise automation platform Eight Roads Ventures. The round also saw participation from venture funds Iron Pillar, R-Squared and returning investors Nexus Venture Partners, Reaction Capital, and Rebright Partners.has raised $53 million in its Series B round of funding led by Fidelity-backed investment firm
The company had last raised $18 million in a Series A round of funding led by Nexus Venture Partners in June 2020.
It plans on utilising the capital to scale its sales and marketing and advance its HyperApp platform which simplifies business process automation using artificial intelligence (AI), natural language processing (NLP), machine learning (ML), and advanced analytics.
Founded in 2018, JIFFY.ai was hived-off from its parent company Paanini to develop an integrated automation and app development platform for the fintech industry. JIFFY.ai’s intelligent automation platform is currently used by businesses across banking and financial services, media and advertising, manufacturing, telecommunications, finance and accounting, as well as travel.
It helps them with end-to-end business process automation and lifecycle management solutions to boost efficiency and reduce OPEX costs. JIFFY.ai counts the US as its primary market and employs over 150 people across four countries.
“This funding will advance our mission to help build autonomous enterprises of the future by applying artificial intelligence and automation to transform enterprise operations,” said Babu Sivadasan, Co-founder and CEO at JIFFY.ai, in a statement issued by the company.
He further added, “We are focusing on strengthening our intelligent automation platform, which will enable organisations to compose, configure, monitor, and maintain themselves as autonomous enterprises. Using the platform, they will be able to assemble automated business capabilities that can learn and adapt to changing needs with little or no additional resources and operational expenditure. This investment is validation for JIFFY.ai’s continued progress as a disruptor in the RPA (Robotic Process Automation) and no-code space.”
JIFFY.ai competes with larger incumbents in the RPA space such as UiPath and Automation Anywhere.
“The automation of business processes has become an integral pillar of the digital transformation agenda of enterprises, especially post-pandemic. JIFFY.ai’s AI-driven approach to automation is unique with an integrated, modular, and intelligent solution that has proven superior alongside a faster and more sustainable ROI,” said Shweta Bhatia, Partner and Head of Technology Investments in India at Eight Road Ventures, in the statement.
According to a report by Gartner, the need for business-driven hyper-automation will be one of the top three drivers for low-code adoption in 2022.
A recent NASSCOM report said that Indian IT service providers generated nearly $400 million in revenues for FY 2021-22 from low code-no code software solutions, with a potential to grow this to a $4 billion revenue stream by 2025.
The pandemic has also seen an acceleration of investments in companies catering to digital transformation journeys.