Robotic Process Automation Platform ElectroNeek Raises 20 Million in Series A Funding Round to Democratize Access to RPA Technology
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SAN FRANCISCO, June 1, 2021 / PRNewswire / – ElectroNeek, a leading Robotic Process Automation (RPA) platform for managed service providers (MSPs) and IT teams, has announced that it is part of a Baring-led Series-A – Funding round raised $ 20 million by Vostok with participation from AICPA and existing investors – YellowRockets.vc, Dragon Capital, I2BF, Angelsdeck, Gokul Rajaram and others. ElectroNeek’s valuation now exceeds $ 100 million with the new inflow of funding.
ElectroNeek offers a comprehensive suite of software solutions that help companies of all sizes to automate repetitive tasks, thereby simplifying IT processes and reducing costs. ElectroNeek has democratized complex RPA technology, making it accessible and affordable for all businesses. To do this, a unique approach to the delivery and scalability of RPA workflows was used.
MSPs use ElectroNeek to build and deploy RPA bots for their customers while maintaining full control over the prices of their RPA projects to end users. They can also take care of bots development and management, and offer RPA-as-a-service subscriptions that can be a recurring source of income for them.
“The Covid-19 pandemic has forever changed the priorities of companies. Optimizing costs and reducing unnecessary mundane work to focus on key issues is a top priority for business leaders. This is exactly what ElectroNeek was developed for.
Partnering with Baring Vostok and continuing to support our existing investors will enable us to bring more MSPs and companies of all sizes into ElectroNeek’s hyper-automation ecosystem. This will put us at the forefront of accelerating the adoption of RPA technology, allowing us to make meaningful change and providing real help to businesses of all sizes, “said Sergey Yudovskiy, CEO and co-founder of ElectroNeek.
ElectroNeek now has 250 customers ranging from Fortune 500 companies and global consulting firms to smaller MSPs in more than 40 countries. It has established technology and go-to-market partnerships with Microsoft, Oracle and Nvidia.
“ElectroNeek is a great example of a company employing a unique product and sales strategy in an already established market. Its founders are determined to democratize access to RPA technology, which has been bulletproof in more than 80% of Fortune 500 companies.
ElectroNeek is significantly lowering the barriers to entry for the entire market and supporting new RPA developers by building an easy-to-use, low-code platform, a mission that drew us from the start.
As a fund with a long history of betting on underdogs who pioneered the industry, we hope this new funding brings ElectroNeek one step closer to its vision of bringing much-needed innovation to the RPA industry, “said Maxim Loginov, partner at Baring Vostok.
ElectroNeek plans to use the proceeds of the financing round to significantly expand its engineering, product and support teams in North America, Latin America, Europe, the Middle East and India.
ElectroNeek is a leading platform for the automation of robotic processes for managed service providers and IT teams. Founded in 2019 by veterans of the RPA industry in the US and Russia, ElectroNeek became the fastest growing RPA platform in 2021. It now has 250 customers, from Fortune 500 companies and global consultancies to smaller MSPs in more than 40 countries. ElectroNeek was named a market leader alongside UiPath and Automation Anywhere in G2’s Market Momentum Report for two consecutive quarters. ElectroNeek is an alumnus of Y Combinator, Plug and Play, a preferred Sage partner, and has established technology and go-to-market partnerships with Microsoft, Oracle and Nvidia.
About Baring Vostok
Founded in 1994, Baring Vostok is the most successful and well-known investment advisory firm focusing on investing in companies with founders with roots in emerging markets. He invests in companies in all regions of Europe, North America and Asia. Today Baring Vostok has invested more than $ 3.7 billion in 87 breakthrough companies in these regions. These include the leading multi-category e-commerce platform OZON, the fintech company Kaspi, the grocery retailer VkusVill, the off-price retailer Familia, the pharmaceutical company Solopharm, the edtech company Skyeng, the global communications company Viasat and many others .
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