Homegrown AI Firm, AntWorks which offers AI automation products and solutions has secured $15 million (around Rs 103 crore at current exchange rates) fund Japanese investment firm SBI Investment Co. in a Series A round.
In a statement, AntWorks said it will use the fresh capital to boost growth by expanding its marketing and sales channels apart from entering new geographies. The company, which has bases in Singapore and Mumbai, will also invest in research and development.
SBI Holdings subsidiary, SBI Investment and AntWorks will also form a joint venture to tap opportunities in the emerging AI space in Southeast Asia. The company focuses on robotic process automation (RPA).
AntWorks was founded by Asheesh Mehra (chief executive officer) and Govind Sandhu (chief financial officer) in 2015.
The dream was to create a company that would serve as a catalyst for enterprises on their digitisation journey, Mehra said.
AntWorks provides a code-free RPA product. Its cognitive machine reading (CMR) engine is rapidly replacing optical character recognition (OCR), the company said.
OCR is a vital component for any automation, RPA or digitisation journey for enterprises as it is capable of reading any data type structured, unstructured, inferred, or image data, the statement added.
As per the company statement the company has more than 450 customers spread across four countries.
We look forward to their [AntWorks] growth in the Asian region through our joint venture, as well as globally, said Yoshitaka Kitao, representative director, president, and CEO of SBI Holdings Inc.