ElectroNeek, a robotic process automation (RPA) software platform for managed service providers (MSPs) and IT teams, has raised $20 million in Series A funding.
Take a closer look, and ElectroNeek could be the first RPA software startup that is seeking to aggressively engage MSPs in the small and midsize business (SMB) market.
That’s an important point. Indeed, many MSPs are seeking to extend beyond traditional RMM (remote monitoring and management) and PSA (professional services automation) software. The quest involves a march toward hyperautomation — which could further improve customer service while further raising MSP profit margins.
RPA software may be fulfill those hyperautomation goals. The reason: RPA bots allow partners and customers to automate manual business and technology processes. Within the IT services market, RPA may also help MSPs to further automate their own help desks and customer support operations.
Robotic Process Automation Software: Market Overview
Demand for RPA software is booming. The global robotic process automation market is expected to reach $10.7 billion by 2027, expanding at a CAGR (compound annual growth rate) of 33.6% from 2020 to 2027, according to Grand View Research Inc.
In a prepared statement about the funding, ElectroNeek CEO Sergey Yudovskiy said:
“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 Maxim Loginov, partner at Baring Vostok:
“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.”
ElectroNeek plans to use the funding to significantly expand its engineering, product and support teams in North America, Latin America, Europe, the Middle East and India, the company said.