WorkFusion, a US-based automation software provider backed by insurance firm Guardian, healthcare provider New York-Presbyterian and financial services firm PNC Bank, has received $220m in series F funding.
Growth equity firm Georgian led the round, which increased the company’s overall funding to $338m. It did not disclose the identity of the other participants.
Founded in 2010, WorkFusion provides robotic process automation software that helps companies, particularly those in the banking, insurance and healthcare fields, automate repetitive data-based tasks.
Alex Lyashok, chief executive of WorkFusion, said: “It takes a high-performance team, driven by a shared purpose and looking in the same direction, to build long-term value.
“Our unique approach of automating industry-specific, document-heavy operations with advanced [artificial intelligence] is yielding remarkable success for our banking customers; now we can take that success to a wider audience at greater speed and unlimited scale.”
NGP Capital, the venture capital firm spun off by communication technology producer Nokia then known as Nokia Growth Partners, joined existing investors Mohr Davidow Ventures, Greycroft Partners, iNovia Capital and RTP Ventures to provide $14m in series C funding for WorkFusion in 2015.
Georgian (then known as Georgian Partners) led the company’s $35m series D round two years later, investing alongside NGP Capital, Mohr Davidow Ventures, iNovia Capital, Greycroft and RTP Ventures.
Hawk Equity and Declaration Partners co-led a $50m series E round for WorkFusion in 2018 that included NGP Capital, iNovia Capital and Georgian as well as, TechCrunch reported the following month, Guardian, New York-Presbyterian, PNC Bank and Alpha Intelligence Capital.
