Tray.io, automation provider to tech giants, picks up $37M in funding
Tray.io Inc., a startup helping companies automate their day-to-day business operations, today announced that it has closed a $37 million funding round led by Spark Capital.
The venture capital firm was joined by early Facebook Inc. backer Meritech Capital Partners, GGV Capital, True Ventures and Mosaic Ventures. Their investment brings Tray.io’s total outside funding to just over $59 million.
San Francisco-based Tray.io offers a cloud platform that enables business users to create workflows for handling repetitive parts of their work. It’s designed to automate fairly complex, multistep tasks that would normally require workers to open several applications. The service is similar to IFTTT and Zapier in this respect, but it provides a more expansive feature set aimed at addressing the broad technical requirements of enterprises.
The centerpiece of Tray.io’s platform is its visual workflow creation wizard. Workers can link the platform to cloud services such as Salesforce, chain together a series of actions (represented as blocks on a virtual canvas) and specify when they should trigger.
One of the main uses for Tray.io is sharing data between applications. A marketing team, for instance, could create a workflow to synchronize buyer information from its systems to the sales department’s Salesforce database. The accounting group, in turn, might create a second workflow to automatically populate key details from the Salesforce database into invoices.
Though it uses a drag-and-drop interface, Tray.io allows users to customize every part of a workflow down to details such as data export formats. Workers can configure the platform to encrypt records before moving them to a new application, specify a list of conditions that must be fulfilled for a task to be performed and even have workflows pass data to each other. The platform also provides the ability add in custom code when necessary.
Tray.io’s platform is used by than 200 companies including IBM Corp., Lyft Inc., SAP SE and other major tech firms. The startup claims to have quadrupled the size of its installed base in the past year while growing annual recurring revenue by 450 percent.
Tray.io plans to use its latest $37 million funding round to expand its headcount and accelerate product development. The startup recently introduced a new offering, Tray Embedded, that helps developers build automation capabilities into their applications.
Photo of Tray.io’s founders: Spark Capital
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