London’s Mimica is building AI-based software that learns to automate repetitive tasks, and has raised $6 million in funding. The new influx of capital will be used to continue the startup’s growth, namely via targeting the US market and continuing to invest in research and development efforts.
Founded in 2017, Mimica’s first product, Mapper, uses AI to learn the patterns of clicks and keystrokes from a human and generates a process map. A typical application of this process map is then used to support robotic process automation teams working in repetitive task areas such as data entry, form completion, and claim and ticket processing.
According to Grand View Research, Mimica is working in a segment estimated to be worth $107 billion by 2027, where MicKinsey notes that 69 percent of data processing and 64 percent of data collection activities could feasibly be automated.
In addition to making the automation, Mimica has recently launched a companion tool, Miner, which helps companies discover new areas ripe for automating processes. By conducting a wide sweep across tens of thousands of employees, the algorithm ranks tasks by their ability to be automated. Miner then outputs a shortlist of suggested areas available for automation before Mapper then goes to work creating the process maps that then feed into robotic process automation bots that do the actual work.
Since launching the service in 2020, Mimica reports a 100 percent success rate with its pilot partners including Dell, AT&T, Hexaware, Experis and Ironbridge. At Dell, Mimca cut the lead time for bot deployments by 65 percent, a figure that equates to three times more automation per year.
Mimica’s $6 million in funding is a total of a pre-seed, seed, and Series A rounds. The pre-seed, and seed round figures remain undisclosed, but according to Mimica the Series A round was led by Khosla Ventures, who join previous investors Entrepreneur First and Episode 1.
“We invested in Mimica because the founding team has a terrific combination of deep technical expertise in building AI systems, and a thorough understanding of the challenges faced by an enterprise when managing processes,” said Vinod Khosla. “Mimica's AI-based technology addresses the biggest challenges in automating business processes, and therefore we believe Mimica is positioned to become the dominant automation solution."