Robotics and automation startup Autologyx, based in the UK, has raised £1.5 million in pre-Series A funding led by Beacon Capital with participation from Angel CoFund and Richard Hargreaves, who will join the company as non-executive director.
Autologyx creates robotic process automation [RPA] platforms. It develops the SaaS-based Fabric Automation Platform for enterprises to manage and automate various processes using tools like machine learning and AI.
“Many companies are just beginning to explore RPA technology and realise it has far more benefits than simply cost savings,” said Ben Stoneham, CEO of autologyx.
“We see that iRPA [intelligent robotic process automation] not only enables teams to focus on the more ‘strategic’ parts of their roles but also allows them to catalyse and implement innovative ideas resulting in rapid and inexpensive trialling of new concepts such as gamifying employee engagement programmes,” added Stoneham.
The company recently deployed its solution at a large law firm to improve triaging of legal matters, he said. The funding will be used to further accelerate the company’s go-to-market strategy.
“UK investors have played a key role in the RPA industry to-date and been rewarded accordingly; pioneers Blue Prism are now valued at over £800 million on AIM and autologyx aspires to follow their path to success,” said Stephen Bullock, chairman of Autologyx. The RPA market is expected to reach $8.8 billion by 2024, according to figures from last year.