Low-code/no-code intelligent automation platform JIFFY.ai on Wednesday (March 9) closed a Series B fundraising round worth $53 million that it will use to increase its sales and marketing efforts and push its HyperApp platform forward, according to a press release.
Fidelity-backed global investment firm Eight Roads Ventures led the funding effort, with participation from venture firms Iron Pillar, R-Squared and existing investors Nexus Venture Partners, Reaction Capital and Rebright Partners.
Per the release, JIFFY.ai’s HyperApp platform combines robotic process automation (RPA), intelligent document processing and no-code workflow management and software creation.
“This funding will advance our mission to help build autonomous enterprises of the future by applying artificial intelligence and automation to transform enterprise operations,” said Babu Sivadasan, JIFFY.ai’s co-founder and CEO. “We are focusing on strengthening our intelligent automation platform which will enable organizations to compose, configure, monitor and maintain themselves as autonomous enterprises.
“Using the platform, they will be able to assemble automated business capabilities that can learn and adapt to changing needs with little or no additional resource and operational expenditure. This investment is validation for JIFFY.ai’s continued progress as a disruptor in the RPA and no-code space.”
JIFFY.ai’s platform brings together artificial intelligence (AI), machine learning, natural language processing and analytics for business users, allowing them to offer end-to-end business process automation and lifecycle management solutions.
Meanwhile, digitization still hasn’t caught on in every office across corporate America, and the shift to hybrid, remote-hybrid and remote work has compounded the problem for finance teams — adding unwelcome and potentially risky workflow snags that slow down money movement.
See also: AP Automation Is Going for the Ecosystem Play to Take the Hassle out of Hybrid Work
In January, Beanworks CEO Catherine Dahl told PYMNTS that automating accounts payable (AP) has taken on a new sense of urgency for clients.
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