Tray.io raises $50 million to automate repetitive business processes
Automating monotonous records management, customer relationship management, IT, and human resources processes is the dream of every enterprise pursuing efficiency. A study conducted by Software Testing and Big Data found that approximately 10-20% of work hours are spent on dull, repetitive tasks and that businesses miss half of all automation opportunities, on average.
But if you ask folks like Richard Waldron, Alistair Russell, and Dominic Lewis, there’s hope for companies looking to embrace workflow automation. The trio of entrepreneurs launched Tray.io in 2012 with the goal of enabling enterprises to build and maintain integrations using visual tools and rich APIs.
Of course, competition is fierce in the global workflow automation market. Research and Markets anticipates it will grow by at least $19 billion in the next five years, fueled by “shifting dynamics” and high demand in the software segment. The robust market has bolstered robotic process automation firms like Automation Anywhere, which last week raised $290 million at a $6.8 billion valuation, and UiPath, which in April raised $568 million at a $7 billion valuation.
The London- and San Francisco-based startup has achieved a measure of success since then and raised $50 million in a series C round led by Meritech Capital. The latest tranche, which closed in October and was announced today, includes participation from Spark Capital, GGV Capital, and True Ventures and brings Tray.io’s total raised to around $100 million.
CEO Waldron says the funding will support strategic hiring across Tray.io’s team, as well as continued investment in product developme