Singapore: Vertex Ventures co-leads $12m Series B in Israel’s Kryon Systems

Vertex Ventures. Photographer: Sam Kang Li/Bloomberg

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.”

Also Read:

India: Synup raises $6m from Vertex Ventures to fund expansion plans

Singapore: Vertex Ventures joins $4m seed round in Israeli startup Axonius

Singapore: Vertex Ventures leads Series B in China’s Julive

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.