Office automation startup raises $500K in investment

Russian office automation startup electroNeek Robotics announced that it attracted a round of investment worth $0.5 mln.

The company’s flagship product is electroNeek, an RPA (robotic process automation) platform that allows recognizing and importing various documents such as invoices and agreements. Most importantly, the solution can transfer imported data to corporate systems (including cloud-based ones), agreements and reports thus significantly streamlining office work. According to developers, as much as 80% of repeated computer tasks that are done manually by sales or finance employees can be automated. A detailed manual remains the main condition for automation.

Investors of the new round include Softline Venture Partners, I2BF Global Ventures and YellowRockets.vс. A group of business angels also invested in the startup. According to Yelena Volotovskaya, Softline Vice President for Investment and Director of the Softline Venture Partners foundation, robot-based solutions like electroNeek are becoming increasingly popular all over the world.

“In 2018, the global RPA market was worth $600 mln and is expected to reach $3 bln by 2022,” Yelena Volotovskaya said.

electroNeek Robotics founder and CEO Sergei Yudovsky commented that the raised funds will be spent on securing market positions not only in Russia but also Kazakhstan and the United States. A portion of the investment will be used for improving the company’s software.

A wide range of customers, from small and medium-sized businesses to large corporations, are currently using the solution. This year, the product became available in the international market.

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