Enterprise automation platform Workato announced it raised $200 million in series E funding on Nov. 10, bringing the company’s current valuation to $5.7 billion. Following a $110 million series D funding earlier this year, Workato has now raised more than $420 million in total funding to date.
The investment round comes as the enterprise automation market is growing to meet the need for greater business innovation and operational efficiency. According to analyst firm Gartner, the market for automation will reach $596 billion in 2022, up from $481 billion in 2020, driven by the need to accelerate digital transformation plans.
About 11,000 customers currently use Workato's platform to automate workflows and develop low-code tools that employees can use to work more efficiently. The new funding will boost the Mountain View, Calif.-based company's ability to help business and IT teams achieve the speed and agility needed to transform their businesses, said Workato CEO Vijay Tella.
"Businesses are still struggling to achieve true transformation because RPA and integration tools cannot scale to address the needs of enterprises today," said Workato CEO Vijay Tella in a press release statement.
Workato has nearly doubled its customer base and added clients including Stitch Fix, Gitlab and Nokia, tripled the growth of business processes automated by customers and quadrupled its workload per customer in the last 12 months, according to company statistics. Employee headcount has more than doubled.
The funding will accelerate Workato's product roadmap and fuel expansion in the United States and globally. That planned expansion includes opening additional data centers in APAC, along with adding support for regional languages and accelerating roadmaps to address local needs in new regions. The latest funding round was led by Battery Ventures along with Insight Partners, Altimeter Capital and Tiger Global. Geodesic Capital and Redpoint Ventures also participated.
“Since leading Workato’s Series B in 2018, we’ve been excited to see the steady growth of usage among Workato’s customers — many of them leaders in their respective industries — and Workato’s solidifying position as a leader in the automation market, one of the fastest-growing sectors in technology,” said Neeraj Agrawal, a general partner at Battery Ventures in a statement.