Comments
App-based low-code/no-code intelligent automation platform JIFFY.ai has raised $53 million as part of its Series B funding round. Low-code/no-code platforms are visual software development environments that allow developers to drag and drop application components, connect them together and create mobile or web apps.
Existing investors chip in
Eight Roads Ventures, a leading global investment firm backed by Fidelity, led the investment round for JIFFY.ai that saw participation from venture firms Iron Pillar, R-Squared, and existing investors Nexus Venture Partners, Reaction Capital and Rebright Partners.
Gartner predicts that needs of business-driven hyper-automation will be a driver of low-code adoption through 2022. It will be responsible for more than 65 per cent of application development activity by 2024. Pressure to deliver digital solutions as a fallout of the global pandemic has accelerated this adoption.
Automating complex processes
JIFFY.aiplans to use the funds to scale sales and marketing efforts and to advance its HyperApp platform which combines Robotic Process Automation (RPA), Intelligent Document Processing, and no-code workflow management and software creation.
Babu Sivadasan, Co-founder and Chief Executive Officer, said the funds will advance JIFFY.ai’s mission to help build autonomous enterprises by applying artificial intelligence (AI) and automation.
“Our intelligent automation platform will help them assemble automated business capabilities which earn and adapt to changing needs with little or no additional resource and operational expenditure. This investment is validation for JIFFY.ai’s continued progress as a disruptor in the RPA and no-code space,” he said.
The cloud-native enterprise-grade platform brings the power of AI, machine learning, natural language processing and analytics to business users. It helps with end-to-end business process automation and lifecycle management solutions that boost efficiency, reduce OPEX costs, and ensure faster returns on investment, he added.
Aware of social impact
Leading banks and financial services, media and advertising, manufacturing, telecommunications, finance and accounting, and travel companies have been using efficient automated workflows and processes built upon the platform.
The company is conscious of the social impact of disruptive technologies. It works with The Paanini Foundation to upskill and empower individuals for emerging career opportunities that require innovative human-machine collaboration.
Shweta Bhatia, Partner and Head of Technology Investments India, Eight Roads Ventures, said automation of business processes has become an integral pillar of the digital transformation agenda of enterprises, especially post-pandemic. Sanjay Poonen, former President of SAP, and COO of Vmware, said digital transformation, led by cognitive technologies, is experiencing a paradigm shift in the post-pandemic world.
Holy grail for companies
Pascal Bornett, Intelligent Automation thought leader, author and influencer, said scaling Intelligent automation transformations is the ‘holy grail’ most companies in the world are targeting.
Mohanjit Jolly, Partner at Iron Pillar, said his team is delighted to join co-investors in helping build ‘a leader in next-generation intelligent enterprise process automation.’ Jishnu Bhattacharjee, Managing Director of Nexus Venture Partners, said JIFFY.ai’s intelligent automation platform is set to accelerate digital transformation of the global enterprise.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.