WorkFusion Raises $220M for Its Workplace Automation Technology

March 9, 2021
WorkFusion conference
Photo: WorkFusion

Many of us have repetitive tasks we have to do for our jobs. While these tasks are boring, there’s usually a reason we have to do them in the first place. But what if we could hand them off for someone else to do? What if that someone else was actually AI?

New York-based WorkFusion is one of the several tech companies that’s developing workplace automation solutions. The company’s platform can use artificial intelligence to essentially learn time-consuming tasks, and then repeat them so employees don’t have to. As a result, WorkFusion is able to save companies time and money.

And saving companies time and money is something that’s especially valuable. On Tuesday, WorkFusion announced that it received $220 million in its Series F funding round.

Georgian, a fintech company that invests in high-growth startups, led WorkFusion’s Series F round. The company chose to invest in WorkFusion because it saw the potential that WorkFusion’s technology had in the financial sector and beyond. The company’s platform can be used to automate certain finance operations that tend to be labor-intensive and highly regulated, like anti–money laundering, lending, capital markets, treasury services and so on.

“WorkFusion has reached an inflection point of success in terms of product and market readiness,” Georgian lead investor Emily Walsh said in a statement. “The opportunity to transform enterprise operations through Intelligent Automation is massive, and WorkFusion is in the leading position to do so. We are thrilled to continue to work with WorkFusion as they scale and impact traditional industries with their market-leading process automation platform.”

WorkFusion’s technology is also useful outside of the financial industry. Professionals across healthcare, insurance, accounting and more use the company’s platform to automate different aspects of their operations.

Workplace automation is poised to grow more and more in the coming years, as professionals offload tedious work to AI algorithms. WorkFusion hopes to grow with this demand and become one of the leading companies providing automation solutions. This new funding will allow WorkFusion to invest in its company in order to offer its product to more people.

“It takes a high-performance team, driven by a shared purpose and looking in the same direction, to build long-term value,” WorkFusion CEO Alex Lyashok said in a statement. “Our unique approach of automating industry-specific, document-heavy operations with advanced AI is yielding remarkable success for our banking customers; now we can take that success to a wider audience at greater speed and unlimited scale. We have a winning playbook, and the market is vast. We are excited to move forward.”

Also in NYCCedar Raises $200M, Continues Hiring Amid ‘Skyrocketing’ Demand

NYC startup guides

LOCAL GUIDE
Best Companies to Work for in NYC
LOCAL GUIDE
Coolest Tech Offices in NYC
LOCAL GUIDE
Best Benefits at NYC Tech Companies
LOCAL GUIDE
Women in NYC Tech