Kryon Systems, a robotic process automation (RPA) provider based in Tel Aviv, closed last week on a $12 million round of funding led by New York private equity firm Aquiline Technology Growth and Vertex Ventures, a global group of capital funds.
The company plans to put this series B round into developing its platform and expanding further geographically in North America, Europe, and Asia. With their investments, Michael Cichowski of Aquiline Technology Growth and Yanai Oron of Vertex Ventures will join the board of directors of Kryon Systems.
Along with the injection of capital, the company has also charted a new path this year under the new leadership of CEO Harel Tayeb, who took over the role in March. He says that the company is basing its strategy on innovation, specifically in the development of products focused on automated process discovery and process replacement.
“The funds will be used to hire top-level talent needed to manifest this vision,” said Tayeb. “In addition to growing the company, we will increase our focus on R&D and drive the company’s global market expansion. The rapid acceleration of our North American office and establishment of new regional offices in Asia and Europe will support our increasing global presence and customer base.”
Cichowski of Aquiline Technology Growth (ATG) believes that Kryon Systems’ “intelligent” RPA platform can be applied to many industries, especially in insurance and financial services. “These sectors are ripe with opportunities given the rapid, technology-driven changes, and ATG, with its deep expertise in those sectors, is excited to partner with Kryon.”
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