U.S.-based open-source software provider, Camunda has reportedly announced that it has raised €82 million (USD 100 million) in funds from private equity firm- Insight Partners and global venture capital. The round also saw participation of existing investor- Highland Europe.
Notably, the funding is primarily based on the increase in market growth for hyperautomation and the soaring rise in demand for cloud-native, open process automation systems that can automate different types of processes from anywhere.
Along with the investment, Camunda will also benefit from Insight Partner’s expertise in scaling up of companies along with supporting product development, marketing, and sales initiatives as a part of its global expansion plan.
Seemingly, hyperautomation has gained robust adoption over the years due to the escalating demand for operationally resilient business processes.
For the record, Camunda allows prominent multinationals like Intuit, ING, Allianz, and Vodafone to design, develop, automate and enhance business processes in a new manner along with improving business agility, customer experience and offer a faster time-to-value.
In addition to the above, it enables companies to overcome legacy roadblocks of digital transformation and arrange the processes across various systems, technologies, people, infrastructure, and devices, establishing the foundation for a new digital economy.
It is worth mentioning that rise in process automation adoption has driven the company to its best-operational year in 2020 despite the global challenges caused by the COVID-19 pandemic. Camunda’s growth has supported the addition of large number of customers like Santander, Deutsche Telekom, Atlassian, Desjardins Group, and Priceline.
Along similar lines, Camunda has also introduced and expanded its global partner program that includes over 100 partners worldwide.
Founded in 2008, Camunda has shown tremendous growth over the years. In the year 2020, the company offered its first-to-market Process Automation as a Service offering known as Camunda Cloud and provided multiple product releases of its novel process automation platform which includes RPA modernization technology that helps companies gain control of their fragile RPA-bot implementations.