And they're off! Focusing on document-heavy business-to-business transactions sector, Workist (formerly known as outsmart.ai) has found €9 million added to its feedbag in an Earlybird-led round. With the new hay, the thoroughbred is expecting to add new wings to the stables, namely in the product and technology teams as it aims to come up on the inside during the final stretch. Since 2019 the equestrians have baled approximately €11.8 million.
In the world of AI-powered automation services for business, commerce transaction automation is a no-brainer. It's got money written all over it. Literally. And so you'll forgive my equine references when I say we've got another horse on the track, all of whom are "on a mission" or with "the goal" of becoming "the leading automation platform" for (enter specific jargon here).
So is the case with Workist, a Berlin-based startup that's going headlong into applying a healthy dose of AI wizardry to speeding up the laborious and often error-prone process of B2B transactions, specifically that of incoming, document-based, orders (read: PDFs, Excel spreadsheets, e-mails and faxes, yes, faxes).
Compatible with any number of commonly used ERP and CRM systems, Workist is available to organisations of all sizes, however, according to the company, most advantageous and easy to get up and running in mid-sized entities.
Founded in 2019, according to the startup they've achieved seven-figure revenued in just two years and count over 50 customers including Pepsico and Deutsche Bahn (an organisation that measures its primary offering in, you guessed it, horsepower).
Workist's €9 million Series A round was led by Earlybird Venture Capital with existing investors including 468 Capital, LEA Partners, and another.vc all following on. It will be interesting to see if/how/where/when Earlybird bridges the gap between Workist and another portfolio company (via Earlierbird aka Earlybird UNI-X) operating in the same space, if be it tangentially, Matchory.
"The increase in international trade transactions between companies so far has always led to an increase in tedious, repetitive manual work. The Workist team is poised to change this and replace manual document processing in B2B transactions, fundamentally changing the way businesses interact globally," concluded Earlybird's Dr. Andre Retterath.
It's also worth noting that according to the company's website they're, "More than just a tech company. Workist is a Berlin based tech startup enabling businesses to gain more time and resources, channelling those to creative and purposeful work."
Like ping-pong perhaps?