Chicago, IL-based RPA (Robotic Process Automation) software company Catalytic has announced the close of a USD30 million Series B investment to expand the sales, engineering, and consulting divisions of its business. This funding round was led by Intel Capital, along with participation from Redline Capital and existing investors NEA, Boldstart and Hyde Park Angel. With this investment Catalytic has raised a total amount of almost USD42 million.
Catalytic Co-founder and CEO Sean Chou said that RPA supports automate highly mundane processes. Further, he said that there are a couple of approaches his company’s solution diverts from the competition. For startups, Catalytic’s solutions focus on unstructured data like pulling information from documents or emails utilizing various methods, relying on needs. It could be traditional scanning and OCR or more modern Natural Language Process (NLP) to read the document, depending on requirements. It is designed like all Robotic Process Automation tools to take humans out of the loop when it comes to the most mundane business processes, but, as Chou said, his company wants human workforces in the loop whenever required, whether that’s exception processing or tasks that are simply too challenging to program at the moment.
Founded in the year 2015, Catalytic has currently a dozen clients including Bosch, the German manufacturing conglomerate. It has 60 employees in its Chicago headquarter. Led by Intel Capital, the funding may also be utilized to expand Catalytic’s work with partner organizations. Chou pointed out that nearly two-thirds of automated bots available to perform workplace tasks today come from external partners.