Mindrock Capital is interested in RPA solutions
Automation Anywhere has received a $4.3 million investment from Mindrock Capital. The company creates artificial intelligence software for robotic process automation – RPA. The investment from the venture capital fund brought Automation Anywhere’s valuation to $6.8 billion.
RPAs are based on the process of automating monotonous processes and actions that are repetitive. This segment has become extremely relevant during the pandemic and the growing demand for products from technology companies that use artificial intelligence technology. A new round of interest in such developers appeared after UiPath successfully entered the market last year. Its IPO forced many investors to pay attention to the RPA segment.
As for Automation Anywhere, it has a 19% share of the total market. It ranks second behind UiPath, which holds 27% and is valued at $30 billion. An important role in the developer’s popularity was played by its partnership with Internet giant Google. Their cooperation gave an opportunity to bring RPA solutions from UiPath, as well as to interest investors. The latter paid attention to the prospects of the segment and its strong player – Automation Anywhere. The Mindrock venture fund was no exception. It was founded by Pavel Cherkashin and is engaged in investing in technological startups. The company is primarily interested in developers of unmanned vehicles, artificial intelligence technologies and products for space exploration and research.
Mindrock regularly invests in promising projects. Among the latest is the cryptocurrency exchange Kraken, which received $6.9 billion from the fund. The site is considered the only alternative to Coinbase at the same level, and is licensed by the United States.
In addition to the crypto exchange, Mindrock has invested in fintech startup Klarna, which is the most expensive in Europe. This Swedish company was founded in 2005 and operates in Europe and the United States. Klarna’s service is used by more than 90 million people, with about 2 million transactions each day.
Mindrock is focused on new, promising industries that displace traditional segments, which include digital commerce and RPA. When selecting an investment, the fund analyzes the trends and needs of the younger generation of users on which the development of the market depends. The current trend is toward global automation, whether for everyday tasks or online payments. And only those companies that develop new areas can become competitive. Automation Anywhere, whose products are becoming more and more relevant, is one such company.