As this most unusual year closes, the RPA and intelligent automation space continues to see investment action. Boston-based intelligent process automation technology provider Indico has secured $22 million in Series B funding to bolster development of its AI-backed technology and go-to-market strategy heading into a new, and better year.
Indico focuses on automating document-based workflows that incorporate unstructured data. CEO Tom Wilde says, while RPA has done a great job on structured data problems, it has been a bit stumped by things like document and image understanding.
“These are processes that make up very important workflows inside huge industries like banking, insurance and healthcare,” Wilde tells RPA Today. “And those use cases require a cognitive set of skills Indico provides.”
In a very tough year, RPA and intelligent automation businesses have thrived. Wilde notes that recent quarters have been among the company’s most successful for sales as automation technology providers are in high demand.
“The pandemic has definitely been a catalyst. It really has been a human tragedy and has been a great disruption to all our lives, personally and professionally,” Wilde says. “Once enterprises got their feet under them after the initial shock of the start of the pandemic, though, they realized they had some real holes in their operational efficiency and resiliency. They made investing in automation a key priority to address that. It enables them to improve their business, but also puts them in a hardened operational stance to endure this pandemic and the next business shock. So, automation as a category has seen huge focus from the enterprise and the investment community, and we were no exception.”
Wilde says the new funding round, led by Jump Capital and Sandbox Ventures, will enable further product development, but that Indico will also be investing in sales, marketing and establishing new channels and partnerships.
“We agree that there is no one technology that solves all of the problems in the automation spectrum,” he notes. “So, establishing technology partnerships, channel partnerships and partnerships that enable interoperability will be key.”
As they continue to serve clients across a range of industries, Wilde says insurance has emerged as Indico’s top vertical, along with financial services companies including capital markets, commercial banking and mortgage lenders.
The current investment round brings Indico’s total funding to $36 million. Existing investors include 406 Ventures, Boston Seed Capital, Hyperplane Venture Capital and Osage Venture Partners.