Workato, which offers an integration and automation platform for businesses, today announced it has raised $110 million at a post-money valuation of $1.7 billion. The company says it will put the funds toward product innovation and technology development, expanding its customer success program, launching its first user conference in 2021, and investing in scaling teams in the U.S. and internationally.
When McKinsey surveyed 1,500 executives across industries and regions in 2018, 66% said addressing skills gaps related to automation and digitization was a “top 10” priority. According to market research firm Fact.MR, small and medium-sized enterprises are expected to adopt business workflow automation at scale, creating a market opportunity of more than $1.6 billion between 2017 and 2026.
Workato lets companies integrate a range of data and apps to automate backend and frontend business workflows. The company’s platform delivers robotic process automation, integration platform-as-a-service, business process automation, and chatbot capabilities in a solution designed to enable IT and business teams to collaborate, ostensibly without compromising security and governance.
With Workato, users can create automations from scratch or opt for over 500,000 prebuilt recipes addressing marketing, sales, finance, HR, IT, and other processes. The company says its customers and partners are creating over new 500 connectors to apps and systems each month.
Workato claims its platform is used by over 70,000 users across 7,000 businesses, including Broadcom, Coupa, Intuit, Autodesk, Nutanix, and Rapid7. Moreover, it says it has experienced 200% growth in new partners since 2019, working with Adobe, Snowflake, Workplace by Facebook, and more.
“There’s been explosive growth in business apps and cloud technologies, but their potential remains largely untapped. This explosion has created tech chaos with siloed data, fragmented business processes, and broken UX,” Workato cofounder and CEO Vijay Tella said in a statement. “Workato addresses this with a single platform built for business and IT that easily, reliably, and securely connects their apps, data, and business processes so teams can work smarter and faster. With our new investment, we’re looking forward to helping other companies around the world use integration-led automation to transform how they work.”
The series D investment in Mountain View, California-based Workato, which comes after a two-year period during which the company nearly tripled its revenue and customer base, brings its total capital raised to over $221 million. Altimeter Capital and Insight Partner co-led the round, with participation from Redpoint Ventures and Battery Ventures.
Workato competes with a number of workflow automation companies in a market that’s anticipated to be worth $18.45 billion by 2023, according to Markets and Markets. AirSlate this week raised $40 million for its products that automate repetitive enterprise tasks like e-signature collection. In April, Tonkean nabbed $24 million to further develop its no-code workflow automation platform. There’s also Tray.io and Berlin-based Camunda, both of which have closed funding rounds in the tens of millions.
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