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According to a recent report, the global robotic process automation (RPA) market is expected to grow at 40% CAGR from $2.94 billion in 2023. San Francisco-based Automation Anywhere is another high-growth AI unicorn that is experiencing a similar meteoric growth.
Automation Anywhere’s Offerings
Automation Anywhere was founded as Tethys Solutions in 2003 by Ankur Kothari, Mihir Shukla, and Neeti Mehta before it was rebranded to Automation Anywhere in 2010. It was set up as an enterprise-focused RPA provider that deployed bots to automate business processes. It integrated cognitive automation and analytics to automate manual processes that helped improve productivity and business process accuracy.Today, besides an array of bots focused on business functions, the company also offers access to GenAI models and an AI-based end-to-end suite known as the Intelligent Automation platform. The Intelligent Automation platform provides organizations with access to a single operations solution that can help create, deploy, and manage automated sequences. It reduces human action on things like data entry, replying to emails, or even running customer service operations and supply chain management. It delivers AI-powered automation across the organization to accelerate business processes and workflows.It recently announced several new enterprise solutions that are embedded with its GenAI Process tools and models. These solutions have been trained on metadata from over 300 million process automations running on its cloud-native platform. The solution allows organizations to build custom AI bots by using Automation Anywhere’s AI agent creation platform called AI Agent Studio. These AI agents can be trained on the company’s data to make decisions and act across the enterprise’s digital ecosystem. By providing access to low-code tools, Automation Anywhere is making it easier for developers to build specialized AI tools that can serve their needs better.Today, Automation Anywhere records over 300 million of automation runs annually. It has created an ecosystem of over 1 million community members who have access to more than 1,200 pre-build automation solutions spread across more than 90 countries.
Automation Anywhere’s Financials
Automation Anywhere remains privately held so far and does not disclose detailed financials. In 2010, it was already generating $3 million in annual revenues. Recent estimates put the company’s revenues closer to $750 million. Recently, it announced that it had reported the dollar value of large deals grew by more than 35% this year that helped it achieve profitability ahead of plan. Large deals over $100,000 in annualized value accounted for more than 50% of the bookings in the quarter.Initially, the company was self-financed. In 2018, it started raising external funding and has raised $840 million in funding from investors including SoftBank Vision Fund, General Atlantic, New Enterprise Associates, Goldman Sachs, and World Innovation Lab. A November 2018 fund raise of $300 million had pegged it at a valuation of $2.6 billion. More recent funding and valuation details are not available.For comparison, its competitor UiPath recently reported quarterly revenues of $335 million and has a market capitalization of $7.4 billion.More By This Author:AI Unicorns: Could OpenAI Become the Most Successful PaaS Company?
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