WorkFusion Inc., a startup helping enterprises automate manual business tasks such as onboarding new customers, today said that it has secured a $220 million late-stage funding round led by investment firm Georgian.

The startup has raised more than $300 million to date.

WorkFusion provides a software platform that streamlines manual processes using an approach it calls intelligent automation, which combines robotic processing automation with a number of other technologies. The platform is mainly used in the financial sector and other highly regulated industries. Banks rely on WorkFusion to automate activities such as reviewing loan requests, while healthcare organizations can use the startup’s platform to help process patient records, among other processes. 

WorkFusion claims its technology can more than halve the amount of time it takes to perform some business tasks by reducing manual work.

The startup’s platform facilitates automation through a catalog of pre-trained artificial intelligence bots optimized for various use cases. According to WorkFusion, the fact that the bots come trained out of the box reduces the amount of work involved in setting them up, which allows for faster deployment. The startup says organizations can start automating back-office processes using its platform within a few weeks.

Alongside the bots themselves, WorkFusion provides an array of tools to help enterprises manage their automation initiatives. An AI workbench enables developers to enhance the bots’ capabilities by performing additional training using a company’s own training datasets. WorkFusion also provides tools that help companies identify manual business processes that can automated and monitor automation workflows after they’re deployed.

Under the hood, the platform continuously enhances its capabilities using a technology the startup dubs cloud-federated learning. A WorkFusion-powered bot learns how to perform a task more effectively over time and makes those insights available to other bots, increasing their efficiency as well. 

WorkFusion has made significant inroads into the enterprise market. The startup counts among its customers major banks such as Deutsche Bank AG, while its clients outside the financial services sector include the likes of Hewlett Packard Enterprise Co. and Humana Inc. 

“WorkFusion has reached an inflection point of success in terms of product and market readiness,” said Georgian lead investor Emily Walsh. “The opportunity to transform enterprise operations through Intelligent Automation is massive.”

The size of the business automation software market is projected to grow rapidly as organizations work to make their operations more efficient. That demand has also helped generate investor interest around other automation providers, particularly in the RPA market. UiPath Inc., a leading RPA provider, in January announced that it had raised $750 million at a post-money valuation of $35 billion, three times what it was worth just a few months earlier.

Image: WorkFusion