Kryon Systems, an Israel-based provider of intelligent Robotic Process Automation (RPA), has closed a $12 million Series B funding round led by Aquiline Technology Growth (ATG) and Vertex Ventures. As part of the investment, Michael Cichowski of ATG and Yanai Oron of Vertex will join Kryon’s Board of Directors.
The fresh capital will be used to accelerate the development of Kryon’s next-generation RPA platform as well as drive the company’s global market expansion. Its solutions utilise patented visual recognition and deep-learning technologies to enable enterprises to offload process execution to a virtual workforce and drive digital transformation throughout the organization.
The market for RPA services is expected to grow to a capitalisation of $5 billion by 2024, according to a media release from the firm. This Series B investment follows the appointment of Harel Tayeb as Kryon CEO in March this year.
“In addition to growing the company, we will increase our focus on R&D and drive the company’s global market expansion. The rapid acceleration of our North American office and establishment of new regional offices in Asia and Europe will support our increasing global presence and customer base,” said Tayeb.
Intelligence RPA solutions are expected to impact operations and business processes across many industries, particularly in insurance and financial services given the current pace of technology-driven change.
“Kryon’s explosive growth over the last year is a combination of the fast-growing RPA market and a unique product offering allowing it to compete with larger companies,” said Yanai Oron, General Partner at Vertex.
“We invest in potential category leaders and Kryon has the ingredients to be a leader in the RPA market in the coming years.”