Rewst, a startup that develops Robotic Process Automation (RPA) software for MSPs, has raised $4 million in funding led by TDF Ventures. Additional investors include Florida Funders, MDJ Group, GroTech Ventures, and ConnectWise veterans David Bellini and Adam Slutskin. Rewst's valuation was not disclosed.
Most RPA software companies have focused on the enterprise market. While popular, those enterprise solutions often require users to learn new coding-types of techniques.
In stark contrast, Rewst is seeking to make RPA software easily consumable by MSPs and the SMB customers they serve. On a related note, many MSPs have established RMM (remote monitoring and management), PSA (professional services automation) and data protection platforms in place. In many cases, those MSPs are seeking a next-generation of automation to further boost profit margins without chasing endless hiring cycles.
Rewst: Example RPA Software Use Cases for MSPs
In an email interview with ChannelE2E, Rewst CEO Aharon Chernin shared more context about the software company's market focus and early MSP adopters.
ChannelE2E: What are some of the first automation use-cases that MSPs have embraced?
Chernin: Example automation use cases include:
- Client new user add;
- client user termination;
- phishing ticket automation;
- dark web ticket automation;
- and just in time admin access, just to name a few.
ChannelE2E: Are the early automations mainly related to areas such as routine business tasks and workflow, or might we see some mission-critical automations in the areas of cybersecurity, for instance?
Chernin: While MSPs are building security automations using Rewst, their first automations are usually routine tasks as it’s easier to measure Rewst’s ROI (return on investment).
ChannelE2E: Will Rewst create a way for MSPs to build and share their automations with other MSPs?
Rewst's Next RPA Software and Business Moves
Armed with the new funding, Rewst plans to expand its Robotic Operations Center (ROC) and support integrations into other MSP software tools, the company indicated. The ROC is designed to "connect products and automate routine manual tasks that take up the lion’s share of time for MSPs."
In a prepared statement, Chernin offered more context about the ROC and its intended value to MSP partners:
“Rewst clears the hurdle to RPA for MSPs. The ROC monitors active Rewst automation work and builds new workflows to streamline MSPs’ processes. The MSP doesn’t even need to understand what an RPA is to see the value. That’s making all the difference for our MSP partners.”
Rewst, based in Tampa, Florida, has now raised $7.5 million since the company launched in 2020. True believers include co-founder Gary Pica, CEO of TruMethods and a veteran of multiple MSP launches and exits.
RPA Software Market: Bigger Picture
Market forecasts suggest the overall automation software market will continue to grow rapidly Indeed, the global RPA n 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.
Still, RPA growth rates have been slowing a bit in some enterprise sectors. And some venture-backed RPA software companies have had layoffs in recent months. The job cuts typically involve RPA vendors seeking a faster path to profitability, though top-line revenues generally continue to grow.
Disclosure: ChannelE2E Editorial Director Joe Panettieri is a member of Florida Funders.