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WorkFusion

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WorkFusion
Private
Industry Computer software
FoundedJun 1, 2010
FoundersMax Yankelevich, Andrew Volkov
HeadquartersNew York City, NY, United States
Key people
Alex Lyashok, President & CEO
Marc Aché, CTO, Engineering
Monica Jonas, COO
Peter Cumello, CFO
Number of employees
333 as of April 2019
Websitewww.WorkFusion.com

WorkFusion, Inc. is a software-as-a-service (SaaS) company which develops AI-driven intelligent automation technology that combines robotic process automation (RPA), machine learning (ML), optical character recognition (OCR), live analytics and business process management (BPM) to digitize and optimize operations for companies worldwide.

The company’s purpose is creating software robots that primarily take over human repetitive work in knowledge industries: banking, financial services, insurance, healthcare, telco, or anywhere people sit in the office and do work behind computers with documents and data.[1]

WorkFusion’s platform uses advanced statistical analysis to ensure accuracy of employees’ work, and then uses the quality data gathered for training algorithms to automate this work going forward. Over time, subject-matter experts and employees are pulled in by the system only when algorithms see new information or challenges for its tasks.[2]

WorkFusion was founded in June 2010 and now has a global customer base that spans all continents. The company is headquartered in New York City, N.Y., United States, and has offices in Bangalore (India), London, Minsk (Belarus), Munich, Paris, Singapore, Tokyo, and additional presences worldwide.

History[edit | edit source]

In 2010, co-founders Max Yankelevich and Andrew Volkov sponsored exploratory research[3][4] that inspired them to develop WorkFusion’s first product, which orchestrated manual work by combining advanced statistical quality control with machine learning (ML). By 2013, the company was founded under the name Crowd Control Software and launched a financial services-focused cloud platform.[5]

Through 2014 and 2015, the company rebranded as WorkFusion and introduced the first integrated RPA and AI-integrated automation platform, known as Smart Process Automation (SPA).[6]

The company created its first partnerships in 2016, including agreements with Markit Ltd[7] VirtusaPolaris[8] and more, and soon expanded its presence to India[9] and entered banking, retail, and insurance industries globally.

In 2017, in France, WorkFusion and Owliance Group announced the first deployment of AI-powered automation in that country.[10]

Funding[edit | edit source]

  • 2011: Raised $2.3 million seed funding via Greycroft Partners and RTP Ventures[11]
  • 2013: Raised $5 million Series A funding; Peak Opportunity Partners joins as investor[12]
  • 2014: Rebranded as WorkFusion, company raised $15 million in Series B, including new investor iNovia Capital[13]
  • 2015: Raised $14 million in Series C round, with additional investors Mohr Davidow Ventures and NGP Capital[14][15][16]
  • 2016: Raised $35 million, and adds new investor Georgian Partners, in its Series D[17] funding
  • 2018–2019: Raised $50 million in Series E, with new investors PNC Bank, NewYork-Presbyterian Ventures, Hawk Equity, and Guardian; creating current valuation of $121 million[18]

Recognitions & Awards[edit | edit source]

Year Name References
2019 Named a Leader in Everest Group’s report, “Intelligent Document Processing Technology Vendor Landscape with Products PEAK Matrix™ Assessment 2019” [19]
2018 Alconics’ Best Application of AI in Financial Services [20]
2018 Named No. 1 AI-driven software vendor, according to Oliver Wyman’s Celent Research in “The Cognitive Corporate Bank” [21]
2018 COO Monica Jonas named in Top Women Leaders in SaaS [22]
2018 Named to CBI Insight AI 100 2018, with a Mosaic score of 840 (out of 1,000); the only RPA or intelligent automation provider on the list [23]
2017 CFO Innovation’s Excellence in Finance Automation (shared) [24]
2017 Inclusion in Deloitte’s Technology Fast 500 [25]
2017 Active participant in IEEE Intelligent Process Automation (IPA) group to develop standards and practices for the emerging IPA industry [25]
2016 Wins SIIA CODiE Award for Best Big Data Tools & Platform [26]
2016 Recognized in Gartner report: “Cool Vendors in Smart Machines, 2016” [27]
2015 Wins SIIA CODiE Award for Best Big Data [28]

References[edit | edit source]

  1. "Max Yankelevich, CEO of WorkFusion, Explains RPA &Automation". AIMultiple. Retrieved March 3, 2018.
  2. "AI Is Getting Good Enough to Delegate the Work It Can't Do". Harvard Business School Publishing. Retrieved May 12, 2015.
  3. "WorkFusion – Can A Robot Be Your Boss?". Techweek. Retrieved June 11, 2018.
  4. "Automation, the Next Wave of Outsourcing: An IRPA Interview with Max Yankelevich, Founder & CEO, WorkFusion" (PDF). The Institute for Robotic Process Automation (IRPA). Retrieved July 14, 2016.
  5. "CrowdComputing Systems Upends the BPO Model with SaaS Workforce Solution for Financial Services". PR Newswire. Retrieved September 4, 2013.
  6. "How Fintech is Disrupting the Modern Workplace". Finovate. Retrieved August 23, 2018.
  7. "Markit partners with WorkFusion to boost operational efficiency". Markit. Retrieved February 29, 2016.
  8. "VirtusaPolaris and WorkFusion to Deliver Robotic Automation and AI-powered Cognitive Automation to the Financial Services Sector". Business Wire. Retrieved April 26, 2016.
  9. "WorkFusion opens in India, increases its focus on APAC". PR Newswire. Retrieved November 24, 2016.
  10. "WorkFusion and Owliance Group bring AI-powered cognitive automation to France". AiThority. Retrieved October 25, 2017.
  11. "Seed Round - WorkFusion". Crunchbase. Retrieved January 1, 2011.
  12. "CrowdComputing Systems Raises $5M Series B Funding". FinSMEs. Retrieved July 9, 2013.
  13. "WorkFusion Secures $15M Series B Funding". PR Newswire. Retrieved April 29, 2014.
  14. "With $14M these robots could bring outsourced jobs back to New York City". New York Business Journal. Retrieved December 21, 2015.
  15. "WorkFusion Raises $14 Million Series C Round Led by Nokia Growth Partners". Finovate. Retrieved March 4, 2016.
  16. "The Daily Startup: WorkFusion Raises $14M for Software to Take On Boring Jobs". The Wall Street Journal. Retrieved December 21, 2015.
  17. "WorkFusion Closes $35 Million in Funding". Finovate. Retrieved December 21, 2015.
  18. "WorkFusion adds to its $50 million with strategic investors as it bulks up for acquisitions". TechCrunch. Retrieved May 24, 2018.
  19. "WorkFusion Named a Leader in Everest Group 2019 PEAK Matrix™ Assessment for Intelligent Document Processing". Business Wire. April 2, 2019.
  20. "Celebrating the drive, innovation and hard work in the international AI Community". Welcome AI. July 7, 2018.
  21. "AI expanding in cash and treasury management but WHO is checking the results?". The Cash Treasury Management File. April 11, 2018.
  22. "The SaaS Report's Top Women Leaders in SaaS of 2018". The Software Report. October 30, 2018.
  23. "AI 100: The Artificial Intelligence Startups Redefining Industries". CB INSIGHTS. February 6, 2019.
  24. "6TH CFO INNOVATION AWARDS". CFO Innovation. December 7, 2017.
  25. 25.0 25.1 "2017 Technology Fast 500™ Ranking" (PDF). Deloitte. November 9, 2017.
  26. "2016 Winners". the SIIA CODiE Awards.
  27. "Cool Vendors in Smart Machines, 2016". Gartner. May 12, 2016.
  28. "2015 Winners". the SIIA CODiE Awards.

External links[edit | edit source]

WorkFusion website

References[edit | edit source]


This article "WorkFusion" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:WorkFusion. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.


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