SaaS robotics specialist autologyx raises £1.5m in pre-Series A investment
The London-based start-up's Fabric Automation platform helps businesses take greater control of complex processes such as machine learning and AI
autologyx, a London-based tech start-up that helps businesses take control of their legacy systems, has raised £1.5m.
Backed by Beacon Capital, alongside existing investors, the pre-series A investment was filled in under three months and was oversubscribed.
New investors included Angel CoFund and Richard Hargreaves, who was one of the early investors in first generation RPA business Blue Prism Group plc – which is now considered a world market leader.
A Saas service, autologyx’s Fabric Automation platform helps businesses take greater control of complex processes such as machine learning and artificial intelligence.
As part of the investment, Hargreaves has joined autologyx as a non-executive director.
An ever growing industry, the intelligent robotic process automation (iRPA) market expected to grow to $8.8bn by 2024.
Stephen Bullock, chairman of autologyx and serial tech investor, said:
“UK investors have played a key role in the RPA industry to-date and been rewarded accordingly; pioneers Blue Prism are now valued at over £800m on AIM and autologyx aspires to follow their path to success.
“We are very pleased to have doubled the size of the round and closed within record time. autologyx is in the right place, at the right time and this funding is what we need to accelerate our go-to-market strategy.
“It’s clear to our clients and investors that autologyx is a game changer.”
Tim Mills, investment director at the Angel CoFund, said:
“autologyx is using robotics – machine learning and artificial intelligence – to automate everyday business processes and therefore make companies more efficient.
“This is truly the stuff of the future, and an exciting prospect for any investor looking to be a part of the next wave of business innovation.
“The interest the company has garnered from investors is credit to its pioneering position in the space and we’re delighted to be on board with autologyx for this exciting stage of their journey.”