EvoluteIQ bags $20M funding led by Vienna-based Round2 Capital

Enterprise automation platform EvoluteIQ has raised $20 million in equity and debt led by Round2 Capital, with participation from Nordea Growth Fund, DCAP Select, and PH ventures. The fresh capital will be directed towards enhancing its AI automation platform and expanding its global footprint, the company said.

“EvoluteIQ was born with the concept of technology enabling the processes to be much more efficient, irrespective of any industry. The whole idea of raising funds is to scale operations and take it to the next level. We have seen phenomenal growth since we started, and we intend to keep the momentum,” Sameet Gupte, Co-Founder & CEO of EvoluteIQ told YourStory. 

Founded in 2019 by Gupte, EvoluteIQ provides an AI-powered, end-to-end intelligent business automation platform that helps enterprises streamline workflows, cut costs, and scale efficiently across various industries.

"AI is not a project or a program—it’s now a core fabric of any business. We are in a very interesting time in technology, especially with generative AI, as that's also one core offering that we have within our platform,” said Gupte. 

Headquartered in Stockholm, Sweden, with offices in Bengaluru and London, the company’s low-code/no-code platform combines generative AI, data processing, RPA (Robotic Process Automation), and web, and mobile app development to support non-technical users to enhance productivity and minimise operational challenges. 

Christian Czernich, Co-founder & CEO at Round2 Capital, said, “EvoluteIQ has consistently proven its ability to deliver tangible value to enterprises through its robust automation platform. We are excited to support EvoluteIQ as they continue to push boundaries in AI and automation and drive exceptional outcomes for their global customer base.”

The EIQ platform has seen rapid adoption among Fortune 500 organisations globally, contributing to its consistent annual recurring revenue (ARR) over the past years, said the company in a statement. Some of its customers span across key sectors such as healthcare, BFSI & insurance. 

EvoluteIQ has achieved growth with a 135% CAGR over the past few years, nearly doubling its ARR each year, Gupte said. 

“Our primary markets remain the US, UK, and Europe. With this new funding, we plan to expand further in the US, especially on the East Coast, with a larger presence in New York City,” said Gupte. 

With €180M under management, Vienna-based Round2 Capital supports European firms with digital and sustainable models and has invested in over 37 software and tech companies in nine regions.