RPA Firm qBotica Lands $1M in Seed Funding

The robotic process automation (RPA) company qBotica announced Wednesday (Oct. 27) it has raised $1 million in seed funding from Peacock Ventures.

The Phoenix-based firm says it plans to use this money to expand its technology, which is used to help B2B companies with document processing and RPA. The company also hopes to make new hires, expand RPA-as-a-service solutions and look to new channels to scale its product globally.

“qBotica is a leading provider of Intelligent Document Processing and RPA as a service solutions,” the company said in a news release. “qBotica has helped several Fortune 500 clients with intelligent automation, providing rapid insights into inefficiencies plaguing the organizations, and removing inefficiencies through seamless automation.”

The company has two flagship products, DoqumentAI and Disqover.

The DoqumentAI is an AI-powered Software-as-a-Service platform that analyzes invoices, claims and other documents and extracts data for processing with “near-perfect accuracy.” It has been proven to be 10 times quicker and more efficient than human processing.

Disqover, meanwhile, “automatically and quickly uncovers automation opportunities,” the company news release said.

“qBotica is our first investment in the RPA market,” said Rohit Reddy, a founding member of Peacock Ventures.

“qBotica’s thesis focuses on opportunities to leverage artificial intelligence to increase value and decrease costs. We expect the RPA market to continue to grow at a compounded annual rate of 55% over the next 4 years, and qBotica is well positioned…to capture more of this growing market,” he said.

Read more: 25% of AP Professionals Cite Duplicate Invoices as Major Pain Point, Waste of Time

Tools like RPA are taking off in part because accounts payable (AP) teams say their legacy invoice processing tools leave a lot to be desired.

In our Digital Shift report, PYMNTS found that 25% of AP staff surveyed said duplicate invoices or payments create noticeable pain points in manual AP operations. Even something as simple as getting a second notice for a bill and trying to determine if it has already been paid can devolve into a time-wasting excursion.