AntWorks raises Series A funding worth $15 million from SBI Investments, forms a JV

Bangalore: AI and intelligent automation products startup AntWorks said that it has raised Series A funding worth $15 million from SBI Investment Co., Ltd., a subsidiary of SBI Holdings, Inc., which conducts investments and management of venture capitalfunds, at an undisclosed valuation. This investment will provide AntWorks with an impetus for its next level of growth in Artificial Intelligence (AI) & Enterprise RPA and help R&D activities and also strengthen its marketing and sales in newer markets.

In addition, a joint venture between SBI and AntWorks was also announced to tap the tremendous opportunities in the emerging AI space in South East Asia.

Fuelled by cognitive automation and machine–learning capabilities, AntWorks offers RPA — using its ANTstein platform to enterprises of all sizes. AntWorks provides a unique code-free RPA product and its one-of-a-kind Cognitive Machine Reading (CMR) engine — that is very rapidly replacing OCR — is the most critical component to any automation, RPA or digitisation journey for enterprises as it ingests any data type – Structured, Unstructured, inferred, or image data.

“When Govind Sandhu and I started AntWorks with a small, passionate group of people, the dream was to create a company that would serve as a catalyst for enterprises on their digitization journey. SBI Holdings reposing this faith in us with both the investment and the joint venture is a validation and an opportunity to grow and come into what we have always believed AntWorks can be – a true leader forging a new path, reimagining business as usual,” said Asheesh Mehra, Founder and Group CEO.

As a relatively new entrant, AntWorks has already made a global impact in the space and is consistently benchmarked against competitors who have been in the space for far longer. The AntWorks differentiator is in bringing together all three pieces of the Automation puzzle, effortlessly and under one umbrella — data ingestion, RPA, and artificial intelligence (AI).

“AntWorks’ has risen through the ranks of global RPA, Automation and Artificial Intelligence companies with a ferocity that’s unprecedented in the industry. We are excited with the possibilities of ANTstein and look forward to their growth in the Asian region through our joint venture, as well as globally,” said Yoshitaka Kitao, Representative Director, President, and CEO – SBI Holdings, Inc. “SBI Group is actively involved in introducing RPA solutions to financial institutions in Japan and strongly believes in the future of this field.”

Highlights of AntWorks’ capabilities, enterprise automation solutions, and business growth:

So far, Antworks has over 450 customers and has a presence in 4 continents. It is focusing on a diverse range of verticals with unique Deep Automation solutions for every industry.

Its intelligent automation platform — ANTstein has user-friendly interface, code free RPA environment and comes with intuitive ML (Machine Learning) & NLM (Natural Language Modelling) capabilities.

AntWorks has performed at an annual revenue growth in 3-digit multiples. SQUARE, the new RPA product release is slated for Q4 of this calendar year.

“With this investment we will work together with SBI Group to bring end-to-end, AI-based Enterprise RPA to the globe in a way not done before. Our goal is to empower enterprises in emerging markets like Philippines, India, China, etc. — by unleashing the limitless potential of Machine Learning and Cognitive Automation.” said Govind Sandhu, Co-Founder and CFO, AntWorks.

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