• December 5, 2020
Process Intelligence Firm Nabs $30 Million, Microsoft Among Lead Investors

FortressIQ, a San Francisco-based company that uses artificial intelligence to map and understand an organization’s processes, secured $30 million in series B funding. One of the lead investors in the round was M12, Microsoft’s venture capital unit. Insights on business processes have become indispensable for companies automating with RPA. In fact, according to a recent report from ABBYY, more than 70 percent automation professionals said a strong understanding of an organization’s business processes was the most important factor influencing the success of an RPA program.

“We were extremely surprised to find out how starved most organizations were for this type of data,” said Pankaj Chowdhry, Founder and CEO of FortressIQ. “While they had incredible analytics on digital journeys from their web properties, they had a much more rudimentary understanding of their internal processes.”

Microsoft’s involvement in the capital raise deepens an already existing relationship. In November, the companies announced a partnership agreement under which FortressIQ integrated with Microsoft’s new RPA platform, Power Automate. As part of the funding announcement, M12’s Managing Director Tamara Steffens will serve on FortressIQ’s board of directors.