Proving that workflow automation is a stable sector, AirSlate, which provides code-free tools for automating business processes, today announced that it has raised $ 51.5 million in one round of funding that values the startup at over $ 1 billion. G Squared led the equity round with participation from UiPath, making AirSlate the first portfolio company for the newly launched UiPath, previously unannounced by the UiPath Ventures arm.
As part of UiPath Ventures ’investment, AirSlate CEO Borya Shakhnovich said AirSlate will form a“ strategic technology partnership ”with UiPath, which will provide resources including technical expertise.
“We see an opportunity to share our experience and passion for the development of the next generation of innovative technology solutions that harness the power of automation, AI, and machine learning … We believe there is tremendous potential in deepening and expanding the automation layer of the IT stack to help more companies digitize and automate their operations, ”said Vijay Khanna, chief corporate development officer at UiPath, in a email statement. ”The missions of UiPath and airSlate to enable companies to grow faster and enhance creativity and productivity for millions of workers are closely aligned, making AirSlate a natural fit for our investment from UiPath Ventures. “
It is the belief of some analysts that the market for process automation-and specifically robotic process automation, which uses AI to automate certain software tasks-is heading towards integration. . A recent Forrester Research report predicts that the segment will begin to flatte as soon as 2023 as companies move to more comprehensive automation solutions. There is evidence to support this. UiPath, which is one of RPA’s largest vendors, has seen its market cap drop from $ 35 billion to $ 15 million within a year. And several smaller players, including Signavio, Intellibot and Servicetrace, have been hijacked by current tech firms.
But Shakhnovich claims the AirSlate is attacking the trend. Although he did not disclose the finances, Shakhnovich said more than 900,000 customers and 10 million users worldwide use AirSlate’s workflow solutions for electronic signature collection, document management, and more.
“Using AirSlate’s range of products for digital transformation, the user can choose the level of sophistication in their workflow automation journey, from simply going analog to digital to adding a few features of workflow across the scope of automation, ”Shakhnovich told TechCrunch via email. “Enterprise IT decision makers should care about AirSlate because it narrows the IT talent gap and it also solves the problem of explosion in the number of apps used, with corresponding data transportation challenges. between these apps. “
Photo Credits: AirSlate
AirSlate was founded in 2008 by Vadim Yasinovsky as PDFfiller, with a focus on developing editing tools for PDF files. In 2012, Shakhnovich, a former post-doc fellow at Harvard, joined PDFfiller as it rebranded AirSlate.
Powered by RPA, AirSlate can help perform tasks such as negotiating and facilitating payments by generating prefilled pages, sending reminders and notifications, and getting data to update. the records, Shakhnovich said. The platform uses rule-based bots that integrate with existing services to automate approvals, data analytics, alerts, permission assignment, and data transfer.
For companies that need a fully managed offering, there’s AirSlate Business Cloud, which covers PDF editing, workflow signatures, and document process automation. Business Cloud subscribers can author new (or edit existing) PDF documents, create and manage workflows, assign roles, and send documents for signing. They also have access to an online library of state -specific legal forms, including non -disclosure agreements, real estate forms, wills, and customer contracts.
“Before the pandemic, remote work was already rising in popularity, but the launch of COVID-19 has dramatically accelerated the trend,” Shakhnovich said. “The workplace policy of ‘bring your own device’ and remote-first workforce shifts has accelerated the consumerization of enterprise software…, and is easy to use.”
Like many of its rivals in the process automation space, AirSlate faces barriers to further growth, including implementation challenges with customers. According to a 2021 survey from Ensign, while most companies are seeing a return on investment from workflow automation, only 20% use technology as a way to innovate and create new services. Respondents blamed the lack of expertise in their workforce and resistance to change, as well as unrealistic expectations from the C-suite.
In another challenge, the broader software-based automation industry-while there is still money-is heading towards integration. SAP acquired German process automation company Signavio in January 2021, before ServiceNow entered the RPA segment with the purchase of India -based Intellibot.io. IBM acquired process mining software company MyInvenio in April. And Salesforce’s MuleSoft and Microsoft followed with acquisitions of automation tech providers Servicetrace and Clear Software, respectively.
But despite this, and the fact that 80% of its workforce is based in Kyiv-a warzone-Shakhnovich said AirSlate “remains stable” and plans to nearly double its workforce of 1,000 employees and full-time contractors throughout Ukraine, Poland, the US and other countries where it has bases of operation.
“Working practices in industries continue to evolve and shifting market conditions present new challenges,” Spencer McLeod, partner and head of research at G Squared, said in a statement. “Businesses are constantly looking for innovative value-added workplace automation solutions like airSlate. Offering a mix of compatible tools, the AirSlate platform has a wide reach and appeal to a large market, and its ambitious management team remains focused on quickly delivering new solutions at competitive rates.
So far, AirSlate has raised $ 185.3 million in financing, a portion of which is debt.