[Funding alert] JIFFY.ai Raises $53M in Series B Funding Round Led by Eight Roads Ventures

Palo Alto, California enterprise automation platform Inasmuch asJiffy.aiInasmuch as raised $53 million in its Series B funding round led by a Fidelity-backed investment company Inasmuch asEight Roads VenturesInasmuch as. The round also saw the participation of venture capital funds Inasmuch asiron pillarInasmuch as, R squared and returning investors Inasmuch asNexus Venture PartnersInasmuch as, Reaction Capital and Rebright Partners.

The company last raised $18 million in a Series A funding round led by Nexus Venture Partners in June 2020.

She plans to use the capital to evolve its sales and marketing and advance its HyperApp platform that simplifies business process automation using artificial intelligence (AI), natural language processing (NLP), machine learning (ML), and advanced analytics.

Founded in 2018, JIFFY.ai was spun off from its parent company Paanini to develop an integrated automation and application development platform for the fintech industry. JIFFY.ai’s intelligent automation platform is currently used by companies in banking and financial services, media and advertising, manufacturing, telecommunications, finance and accounting, and travel.

It helps them with end-to-end business process automation and lifecycle management solutions to increase efficiency and reduce OPEX costs. JIFFY.ai counts the United States as its primary market and employs over 150 people in four countries.

“This funding will advance our mission to help build the autonomous businesses of the future by applying artificial intelligence and automation to transform business operations,” said Babu Sivadasan, co-founder and CEO of JIFFY. ai, in a statement released by the company.

He added, “We are focused on strengthening our intelligent automation platform, which will allow organizations to compose, configure, monitor and sustain themselves as autonomous businesses. Using the platform, they will be able to assemble automated business capabilities that can learn and adapt to changing needs with little or no additional resources and operational expenses. This investment is a validation of JIFFY.ai’s continued progress as a disruptor in the RPA (Robotic Process Automation) and no-code space. »

JIFFY.ai competes with the largest incumbents in the RPA space such as UiPath and Automation Anywhere.

“Business process automation has become an integral pillar of companies’ digital transformation agenda, especially post-pandemic. JIFFY.ai’s approach to AI-based automation is unique with an integrated, modular and intelligent solution that has proven superior with faster and more sustainable ROI,” said Shweta Bhatia, Partner and Head of India Technology Investments at Eight Road Ventures, in the statement.

According to a Gartner report, the need for business-driven hyper-automation will be one of the top three drivers of low-code adoption in 2022.

A recent NASSCOM report stated that Indian IT service providers generated nearly $400 million in revenue for FY 2021-22 from low-code and no-code software solutions, with growth potential to reach a $4 billion revenue stream by 2025.

The pandemic has also seen an acceleration of investment in companies responding to digital transformation journeys.

Edited by Saheli Sen Gupta

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