Israeli Robotic Process Automation startup Kyron Systems announced it has successfully raised $12 million in funding through a Series B funding round. The funding was headed by Aquiline Technology Growth (ATG) and Vertex Ventures. The proceeds from this funding will be used to develop their next generation Robotic Process Automation platform, and for global market expansion.
The Tel Aviv-based startup uses a patented visual recognition technology that enables companies to dump their work to a virtual workforce. This platform, intended to drive digital transformation throughout the organization, is expected to reach $5 billion in market growth by the year 2024. It gives enterprises an opportunity to focus more on their core business practices, while process-related work is handled by the digital workforce.
Speaking about the occasion, CEO Harel Tayeb said, “The business landscape is changing, and we are at the forefront of this transformation. Our vision is to drive the RPA industry into the future by reinventing the boundaries of RPA through innovative and proprietary product developments, such as Automated Process Discovery and Process Replacement.”
Tayeb added that funds will be used to hire the best personnel, people who believe in the vision to take the organization to new heights. Moreover, Kryon will focus heavily on R&D, and use the funds to drive global market expansion. Kryon is already expanding their office in North America, and they are looking forward to setting up offices in Asia and Europe to increase their base there and cater to strategic locations.
After the successful fundraising event, CEO of ATG Michael Cichowski commented, “Kryon’s intelligent RPA platform is transforming the workplace.” He added that ATG believes in the true value proposition of this technology and the fact that such technology can bring about a revolutionary change in the mode of operations for diverse industrial sectors.
As a result of this investment, Michael Cichowski of ATG and Yanai Oron of Vertex will be join the Board of Kryon.