NEW YORK, NY – FEBRUARY 26, 2019 – Kryon®, a developer of Robotics Process Automation (RPA) software, has announced the completion of its Series C financing round of $40 million led by OAK HC/FT. Both Aquiline Technology Growth and Vertex Ventures – the firms that had led Kryon’s Series B round – have also exercised their option to expand their previous investments.
Kryon intends to use the funds to continue development of its technology and penetrate into new geographies by expanding its sales and marketing teams and opening additional offices around the globe.
“RPA is one of the fastest-growing industries, and Kryon is leading the pack with their innovation and technology,” said Tricia Kemp, Co-Founder and General Partner of OAK HC/FT. “Kryon’s revolutionary product, Process Discovery, has distinguished itself as a key driver to RPA adoption, and we believe that the company will continue to be a leading force in the industry. The company has already forged some key partnerships with companies such as Microsoft, IBM, Software AG, EY and many more.”
Kryon Process Discovery has impacted the automation landscape, proving to significantly accelerate the time it takes for enterprises to scale RPA deployment and reduce implementation time by up to 80 percent. Kryon claims its Process Discovery, in creates an end-to-end RPA experience – dramatically lowering the total cost of ownership and enabling enterprises to achieve continuous process optimization. Since launch, Kryon Process Discovery has begun to fundamentally change the way enterprises view RPA – replacing subjective guesswork with objective analysis, while minimizing the work that a company’s employees must perform before they can start automating processes.
“We are excited to bring on such a well-respected strategic investor that shares our vision of holistic RPA,” said Harel Tayeb, CEO of Kryon. “Kryon has seen tremendous growth in the past year, bolstered by the release of Process Discovery. With this new funding, we plan to accelerate our efforts to provide enterprises with today’s most innovative RPA solutions, enable them to ‘automate the automation’ through Process Discovery and pave the way for them to realize the dream of a robot for every employee.”
Kryon achieved a year-over-year sales increase of more than 100% in 2018 and hiredexecutives: Richard French, Chief Revenue Officer, Julie Shafiki, Chief Marketing Officer and Jim O’Gara as VP, Global Partners.
Dan Petrozzo, Venture Partner at OAK HC/FT, will join Kryon’s Board of Directors and Matt Streisfeld, Principal at Oak HC/FT, will join as a Board Observer.