Nokia's corporate venturing unit led a round that increased the workflow automation company's total funding to more than $36m.
Nokia Growth Partners (NGP), the corporate venturing arm of communications technology provider Nokia, has led a $14m series C round for US-based smart process automation technology supplier WorkFusion.
The round also included Mohr Davidow Ventures, Greycroft Partners, iNovia Capital and RTP Ventures, all of which took part as existing investors.
WorkFusion has built a platform based on research from the Massachusetts Institute of Technology that can be used by enterprises to automate high-volume, labour-intensive tasks like compiling reference data, customer onboarding, claims processing and regulatory compliance.
Paul Asel, NGP’s managing partner, will join WorkFusion’s board of directors in conjunction with the round. He said: “Workforce automation is the third and potentially most disruptive wave of enterprise labour transformation after outsourcing and crowdsourcing.
“WorkFusion automates labour-intensive digital processes by accelerating time to market, improving accuracy and reducing labour costs. We have been impressed with customer traction and believe WorkFusion has a significant opportunity to revolutionise digital work.”
The round boosted WorkFusion’s overall funding to approximately $36.3m since it was founded as CrowdComputing Systems in 2010.
– This article first appeared on our siste site Global Corporate Venturing.
