This week, Indico, a Boston based Enterprise AI company, specializing in Robotic Process Automation (RPA) announced a $22M Series B round. The news comes almost three years after the company announced their $4M Series A round and brings their total capital raised to $26M since Indico opened their doors in 2013. With this latest round, led by Jump Capital and Sandbox Ventures, Indico looks to double their headcount and fill leadership roles within their sales and marketing divisions.
Why This Transaction?
The York IE team chose this as our transaction of the week to highlight advancements being made in the Robotic Process Automation (RPA) market as well as the different approaches to tackling unstructured content. By implementing automated classification, organizations gain easier access to corporate knowledge and increased findability over their documents. As organizations continue to look within for workflows that can be automated, RPA’s offer a scalable solution to automate back and middle office tasks. With the help of RPA’s, companies can analyze unstructured data such as social media posts, videos, photos, etc. to gain deeper insights on their data and customers. Many companies looking to trim operational costs during the COVID-19 pandemic have turned to the digitization of their workflows. However, digitization has not had a profound effect on unstructured content, which on average, makes up roughly 80% of the company’s data. Indico’s approach to RPA parses data using Artificial Intelligence to deploy custom models capable of analyzing industry-specific data. Indico’s solution makes building and deploying business-specific models easy to do and requires little data science experience from its users. As automation and digitization continue to find a home within every industry, more and more solutions are taking a low-code/no-code approach to be as scalable and intuitive as possible. Companies in every industry can now deploy a full stack of automation tools to digitize their workflows without the assistance of their IT department.
Cost Saving Automation
Traditionally, RPA’s were predominantly deployed by large enterprises that had the resources and personnel to operate these new systems. Now, as automation solutions become more accessible, SMB’s have begun deploying their own solutions to avoid being outmaneuvered by competitors. Companies are still reluctant to make the switch to automation face potentially higher opportunity costs than the price of the solution itself. With this in mind, it is important for all organizations to reevaluate their workflows and identify opportunities for automation; by freeing up man-hours, companies can redirect their employees to projects that require a human touch.
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