Robocorp closed $5.6 Million Funding, Led by Benchmark

Over the past year, Robocorp has been quietly building open-source tools and a cloud-native platform with the vision of making Robotic Process Automation (RPA) more easily accessible to any company and not just the giant corporations on the Fortune 1000 who benefit from it today.

Today, Robocorp announced it has raised $5.6 million in our first round of institutional funding, led by Benchmark, with participation from Slow Ventures, firstminute Capital, Bret Taylor, President and Chief Product Officer of Salesforce and co-creator of Google Maps, and Rob Bearden, CEO of Docker. Additionally, Benchmark’s Peter Fenton – who has backed numerous successful open source companies from JBoss (acquired by Red Hat), to SpringSource & Zimbra (both acquired by VMware), to Elastic (IPO'd last year) – is joining the board of directors.

With the new funding, Robocorp is now ready to accelerate its growth and take the next step toward democratizing RPA. The RPA industry has seen incredible growth in just the past 2-3 years, with large corporations already benefiting from the automation of millions of routine business tasks, ranging from onboarding new employees to processing insurance claims. But for all the benefits RPA has brought to businesses, it has only been able to help a sliver of the market due to the prohibitively high costs associated with these proprietary tools and the lack of a proper developer ecosystem. 

Ultimately, Robocorp's goal isn’t to just disrupt the RPA tool market, but instead it wants to create a whole new industry that they call robosourcing. Currently, companies looking to gain efficiency and cut costs outsource functions to low-cost regions around the world. In the near future, what will happen is that instead of transferring this work to remote regions, companies will employ robot developers who will automate the work in-house instead. Outsourcing work to robots, or robosourcing, will be a driving force to increase efficiency, reduce errors, improve employee satisfaction, and deliver better customer experience.

Looking ahead to what’s next, with this new funding the company is expanding its operations by tripling its workforce to scale the vision of an open-source RPA ecosystem by creating tools that developers across the world will use to automate tasks. This is a great opportunity to participate in one of the most interesting and fastest-growing enterprise software market at the moment. Robocorp is also hiring people to help it grow the developer ecosystem and create content around the open-source RPA ecosystem.

Read more at Robocorp web site.

See open positions at Robocorp.