Once the stuff of sci-fi lore, tools like AI and machine learning are quickly becoming integral pieces of our lives and our work. Kryon Systems, for example, uses Robotic Process Automation (RPA) to help make day-to-day work more efficient and transparent via the elimination of repetitive manual tasks. As further proof of the ever-increasing significance of these systems, Kryon Systems announced this morning it had closed a $40 million Series C funding round.
Kryon’s latest funding was led by OAK HC/FT, a Connecticut-based growth-equity fund with a vested interest in healthcare and financial services. Two members of OAK HC/FT will be joining Kryon Systems: Venture Partner Dan Petrozzo and Principal Matt Streisfeld will join as a board member and board observer, respectively.
According to OAK HC/FT co-founder and General Partner Tricia Kemp, “RPA is one of the fastest-growing industries, and Kryon is leading the pack with their innovation and technology,” Kemp said. “We believe that the company will continue to be a leading force in the industry.”
RPA is one of the fastest-growing industries, and Kryon is leading the pack.”
Kemp pointed to Kryon’s partnerships with major names like Microsoft, IBM, Ernst & Young and more as a brief record of their past successes. Since it was founded in 2008, Kryon has worked to make businesses more efficient through its use of RPA technology. Their processes are capable of analyzing workflows and finding ways that Kryon’s process automation tools can give employees much-needed time back on their calendars.
Aquiline Technology Growth and Vertex Ventures, both previous investors, also participated in Kryon’s latest funding round. The $40 million infusion is the company’s first fundraising since a $12 million Series B round in October of 2017.
Now, the folks at Kryon are ready to take their product to bigger and more diverse audiences. According to the company, the latest funding will be used to not only continue product development, but also to begin bringing Kryon Systems to international audiences, via the global expansion of the company’s sales and marketing divisions. New international offices are a part of the not-so-distant roadmap.
“Kryon has seen tremendous growth in the past year,” said CEO Harel Tayeb in a statement. “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 [helping] every employee.”
