WorkFusion

bankingtechrpa

FOUNDING YEAR: 2010
LOCATION: United States
Last Update: 01/05/2020

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About

What if software could learn to identify high-quality work and manage the people who perform it?WorkFusion was born out of research that co-founders Max Yankelevich and Andrew Volkov sponsored at MITs Computer Science and Artificial Intelligence Lab (CSAIL)WorkFusion creates technology that makes economies work. The rapid rise of AI and automation, along with the changing roles of people in the workforce, have created both complexity and opportunity for individuals, businesses and entire countries. Our companys purpose is to reduce this complexity and help our customers exploit the opportunity through products that pair people with intelligent software robots.WorkFusion is headquartered on Wall Street in New York City with teams throughout the U.S., Europe and Asia.

MEDICI Analysis

WorkFusion was formely known as CrowdComputing Systems, Inc., a software company which provides smart process automation platform with AI powered chatbots for organizations to support their front & back end operations. The company offers automation solutions to digitize complex business processes, including robotic automation, workforce orchestration, and machine learning powered cognitive automation. Workfusion's platform allows the banks and financial institutions to better manage with large internal and offshore workforces and automate high-volume manual work including improving settlement processing, lowering the cost per trade, and increasing the efficiency of client on-boarding.

Focus

PRODUCTS & SERVICES

Robotic automation software & AI enabled chatbots to digitialize business operations for banks, financial institutions, insurance, commerce, media, health & life sciences.

MAIN CLIENTS

Markit

EXISTING PARTNERSHIPS

Partnered with Hexaware technologies to deliver RPA(Robotic Process Automation) and AI-powered Cognitive Automation to enterprises globally. Partnered with VirtusaPolaris to provide smart automation solutions for companies in banking and financial services.

Traction

VALUATION / MARKET CAP:

$437.5 M in 2017

People

FOUNDERS

Max Yankelevich

Andrew Volkov

BOARD MEMBERS AND ADVISORS

Tom Glocer

Shawn Abbott

Paul Asel

Katherine Barr

Chester Van Alen Murray

Abhas Gupta

Isaak Karaev

Peter Marney

Kirill Sheynkman

NUMBER OF EMPLOYEES

51-200

INVESTORS:

Declaration Partners

Greycroft Partners

Hawk Equity

iNovia Capital

Mohr Davidow Ventures

Nokia Growth Partners

Peak Opportunity Partners

RTP Ventures

Momentum

FUNDED

YES

TOTAL FUNDING

$121.3 M

DATE OF LAST FUNDING

Apr 2018

TOTAL FUNDING COMMENT

The company is planning to use the fund to expand its global operations and further its vision of helping businesses rapidly respond to change with the power of RPA bots that learn through AI(April 2018).

SEED & PRIOR FUNDING

$2.3 M

SEED CLOSED ON

2011

FUNDING SERIES

SERIES A  · $5 M  · Jul 2013

SERIES B  · $15 M  · Apr 2014

SERIES C  · $14 M  · Dec 2015

SERIES D  · $35 M  · Jan 2017

SERIES E  · $50 M  · Apr 2018

LISTED

NO

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