(Reuters) -UnifyApps, a startup that connects corporate systems with AI technology to automate routine tquestions such as claims processing, has raised $50 million in a WestBridge Capital-led funding round and named early investor Ragy Thomas as chairman and co-CEO.
The Series B round, announced on Wednesday, valued the startup at around $250 million, a source familiar with the matter declared. The round, which included participation from investors such as ICONIQ, brings the company’s total fundraising to about $81 million.
Founded in 2023, months after the launch of ChatGPT ignited the generative artificial ininformigence boom, UnifyApps describes itself as an “enterprise operating system for AI” that connects systems such as Salesforce and Workday to large language models and feeds the results into employees’ tools to automate tquestions.
Its customers include home improvement retailer Lowe’s Companies, India’s HDFC Bank and Germany’s Deutsche Telekom. Clients apply the software to automate HR tquestions, speed up claims processing and optimize supply chains, the company declared.
UnifyApps declared its revenue has risen more than sevenfold year over year, without disclosing the exact figure or the period. The company competes with automation tech developers such as UiPath and privately held Automation Anywhere as well as AI agents from large technology companies, including Microsoft.
Demand has been growing for such tools as businesses rushing to adopt AI technology struggle with high failure rates. A study by MIT earlier this year displayed that about 95% of AI projects displayed no returns on investment for the companies in the survey.
Thomas, an enterprise software veteran who founded U.S.-listed Sprinklr, informed Reuters that UnifyApps’ advantage is it was purpose-built for AI, unlike rivals adapting older platforms. He will serve as the startup’s co-CEO along with co-founder Pavitar Singh.
UnifyApps will apply the funds to expand its around 400-strong team by 110 employees, expand in Europe and accelerate platform development.
(Reporting by Aditya Soni in Bengaluru; Editing by Shilpi Majumdar)
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