ElectroNeek, a robotic process automation (RPA) platform for managed service providers (MSPs) and IT teams, has announced that it raised $20 million in a Series A funding round led by Baring Vostok with participation of AICPA and existing investors – YellowRockets.vc, Dragon Capital, I2BF, Angelsdeck, Gokul Rajaram and others. Following the new funding influx, ElectroNeek’s valuation now exceeds $100 million.
“The Covid-19 pandemic has forever reshaped companies’ priorities. Optimizing costs and reducing unnecessary mundane work to shift focus onto key issues has become top of mind for business leaders. This is exactly what ElectroNeek has been created to help with,” said Sergey Yudovskiy, ElectroNeek’s CEO and co-founder.
“Partnering with Baring Vostok and the continuous support of our existing investors will enable us to bring more MSPs and companies of all sizes to the ElectroNeek hyperautomation ecosystem. This will put us at the forefront of accelerating adoption of RPA technology, allow us to create meaningful change and provide real help to companies of all sizes,” added Sergey.
“ElectroNeek is a great example of a company using a unique product and distribution strategy in an already established market. Its founders are set on democratizing access to RPA technology which has already proven its bulletproof value in more than 80% of Fortune 500 companies. ElectroNeek significantly lowers entry barriers for the whole market and supports new RPA developers by building an easy-to-use low-code platform, which is a mission we were drawn to from the start. As a fund with a long history of betting on underdogs turned industry trailblazers, we hope that with this new funding ElectroNeek will now be one step closer to fulfilling its vision of bringing much needed innovation into the RPA industry,” said Maxim Loginov, Partner at Baring Vostok.
ElectroNeek plans to use the proceeds of the funding round to significantly expand its engineering, product and support teams in North America, Latin America, Europe, the Middle East and India.
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