your password has been reset successfully, Please login again.

AI startup AntWorks bags funds from Japanese investment firm

AntWorks provides a code-free RPA product. Its cognitive machine reading (CMR) engine is rapidly replacing optical character recognition (OCR), the company said.
BY BEx Bureau
BusinessEx
Jul 30, 2018

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.

Please add your Comment
SIMILAR News
November 20, 2018
Through this investment, BillDesk will develop new product lines for its payments and loyalty busine ...More
By Vaishnavi Gupta
November 19, 2018
Ananth Narayanan, Chief Executive Officer of Myntra, will continue to lead the team. ...More
By Vaishnavi Gupta
November 16, 2018
This acquisition will help FarEye to reinforced its growth plans to solve challenges for long-haul a ...More
By Vaishnavi Gupta
November 14, 2018
True North has acquired a 75% stake in Shree Digvijay Cement Company Ltd from Brazil-based Votoranti ...More
By Vaishnavi Gupta
November 13, 2018
The investment is made by the firm to boost its capabilities to deliver tech solutions that will hel ...More
By Vaishnavi Gupta
November 12, 2018
With this acquisition, Mphasis will increase its end-to-end capabilities in the public cloud domain, ...More
By Vaishnavi Gupta
November 12, 2018
This acquisition will help Mumbai-listed AGC to add over $600 million in annual revenue and about 3, ...More
By Vaishnavi Gupta
November 09, 2018
The acquisition is in line with the company's strategy to boost the value for its stakeholders throu ...More
By Vaishnavi Gupta
November 03, 2018
Viithiisys, with this acquisition, will expand its product portfolio and list of clients. ...More
By Vaishnavi Gupta
November 02, 2018
Post acquisition, W12 Studios will be a part of TCS Interactive, the digital division of the IT serv ...More
By Vaishnavi Gupta
November 01, 2018
The fresh funds will be used by Turms to expand its product categories, hire tech talent and launch ...More
By Vaishnavi Gupta
October 31, 2018
The funds raised will be used by Duroflex to expand to new markets across India. ...More
By Vaishnavi Gupta