Business Wire India
JIFFY.ai, an award-winning app-based low-code/no-code intelligent automation platform, today announced that it has raised $53 million as part of its Series B funding round. Eight Roads Ventures, a leading global investment firm backed by Fidelity, led this investment round, which included participation from venture firms Iron Pillar, R-Squared, and existing investors Nexus Venture Partners, Reaction Capital and Rebright Partners.
JIFFY.ai plans to use the funding to scale its 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.
“This funding will advance our mission to help build autonomous enterprises of the future by applying artificial intelligence and automation to transform enterprise operations,” said Babu Sivadasan, JIFFY.ai’s Co-founder and Chief Executive Officer. “We are focusing on strengthening our intelligent automation platform which will enable organizations to compose, configure, monitor and maintain themselves as autonomous enterprises. 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 resource and operational expenditure. This investment is validation for JIFFY.ai’s continued progress as a disruptor in the RPA and no-code space.”
JIFFY.ai’s cloud-native enterprise-grade platform brings the power of artificial intelligence (AI), machine learning, natural language processing and analytics to business users. It empowers them to deliver end-to-end business process automation and lifecycle management solutions that boost efficiency, reduce OPEX costs, and ensure faster returns on investment.
Leaders including the Fortune Global 500 from multiple industries such as banking and financial services, media and advertising, manufacturing, telecommunications, finance & accounting, and travel are using highly efficient automated workflows and processes built upon the platform.
Commenting on the investment, Shweta Bhatia, Partner & Head of Technology Investments India, Eight Roads Ventures said: “The automation of business processes has become an integral pillar of the digital transformation agenda of enterprises, especially post pandemic. JIFFY.ai’s AI-driven approach to automation is unique with an integrated, modular, and intelligent solution that has proven superior alongside a faster and more sustainable ROI. We are thrilled to partner with Babu and his team in their mission to help enterprises reap the benefits of automation at scale.”
Gartner predicts that the needs of business-driven hyperautomation will be one of the top three drivers for low-code adoption through 2022. They estimate that low-code will be responsible for more than 65% of application development activity by 2024 and the pressure to deliver digital solutions as a fallout of the global pandemic has accelerated this adoption.
"Digital transformation, led by cognitive technologies, is experiencing a paradigm shift in the post-pandemic world,” Sanjay Poonen, former President of SAP, and COO of VMware noted. “JIFFY.ai offers a compelling suite of these technologies, which power digital transformation with vertically integrated applications. They combine an engaging, omni-channel end-user experience with autonomous, AI-powered middle and back-office."
Intelligent Automation thought leader, author and influencer, Pascal Bornett said, “Scaling Intelligent Automation (IA) transformations is the holy grail that most companies in the world are targeting. According to my research, the combination of capabilities such as artificial intelligence, automation and low-code into the same platform is a critical asset to reach that goal. It enables the automation of the most complex use cases while involving and empowering most people in the company. There is no doubt that JIFFY.ai is on its way to bridging that gap in the market, and becoming the key enabler for companies to harness the benefits of IA at scale.”
Over the past few years, JIFFY.ai has grown its client base substantially across geographies. Almost all of these industry innovators testify that enterprise automation has helped them to improve efficiency manifold and save millions of dollars every year.
“The Iron Pillar team is delighted and humbled to be investing in JIFFY.ai, and joining a remarkable team and co-investors in helping build the leader in next-generation intelligent enterprise process automation,” said Mohanjit Jolly, Partner at Iron Pillar.“JIFFY.ai has combined the ease of building enterprise workflows with the power of AI, ML, IDP and other core technologies to deliver a powerful, comprehensive solution. It is not surprising that senior executives from JIFFY.ai’s enterprise customers have invested in this round as well. We are excited to be a part of JIFFY.ai's journey to become the leader in the next generation of low-code/no-code based enterprise applications.”
“JIFFY.ai’s intelligent automation platform powered by a no-code development engine is set to accelerate digital transformation of the global enterprise,” said Jishnu Bhattacharjee, Managing Director of Nexus Venture Partners. “We are excited to continue our partnership with Babu and the team toward building a remarkable company.”
While JIFFY.ai believes in the power of advancing cognitive applications and automation, it is also conscious of the social impact of such disruptive technologies. The company works with The Paanini Foundation to upskill and empower individuals for emerging career opportunities that require innovative human-machine collaboration, and aims to build a new paradigm of productivity.
About Eight Roads Ventures
Eight Roads Ventures is a global investment firm backed by Fidelity. Eight Roads Ventures manages $8 billion of assets across Asia, Europe, Israel and the US, with a focus on technology, healthcare and consumer. Some of Eight Roads Ventures’ global tech investments include Appsflyer, Akulaku, Alibaba, Decibel Insight, Icertis, FarEye, Fireblocks, Kyligence, LeadIQ, MoEngage, Neo4J, Plaid, StashAway, Securonix, SaaSLabs, Whatfix, and Yappli. More information: eightroads.com
About Iron Pillar
Iron Pillar is a venture growth investor specializing in mid stage technology companies “Built from India”. Founded in January 2016, Iron Pillar provides growth capital and active help in global business expansion to companies in the enterprise and consumer technology sectors. The Fund backs founding teams who want to create $1B+ enterprise value companies that are built to last. Additional information on Iron Pillar is available at https://ironpillarfund.com
Founded with the mission to radically change how enterprises achieve autonomy by automating complex business processes, JIFFY.ai’s intelligent automation platform empowers business users to adapt to change and innovate faster. The integrated platform employs the cognitive capabilities of no-code based software development, Intelligent Document Processing, Natural Language Processing, RPA, Machine Learning, and AI along with an overarching human-in-the-loop approach to power the next generation of enterprise applications. Built on this platform, JIFFY.ai’s HyperApps (as-a-service) are pre-packaged automation applications that can be extended across the enterprise to accelerate end-to-end automation. Fortune Global 500 companies, Big4 consulting firms, and global leaders in Banking & Financial Services, Media & Advertising, Manufacturing, Telecommunications, Finance & Accounting, and Travel industries have been using JIFFY.ai’s platform to achieve operational excellence, improve customer experience, and realize the true value of digital transformation. Explore further on www.jiffy.ai.
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