Workato, the leading and fastest-growing enterprise automation platform, today announced it has secured $70 million in Series C funding led by Redpoint Ventures with participation from Norwest Venture Partners, Geodesic Capital, and existing investors Battery Ventures and Storm Ventures. This brings the total investment in Workato to $111 million with support from several of the largest SaaS companies, including Salesforce, ServiceNow, and Workday, which participated in previous funding rounds.
With the explosion in SaaS, enterprises are using thousands of apps across all lines of business leading to the rise of a new function–Business Technology (BT). The Business Technology teams, reporting to either IT or business, work in tandem with business teams to harness the power of these applications, integrate, and automate their workflows. The rise in Business Technology teams and their need to work with business teams and a rapidly growing number of apps, is driving the need for a new type of platform.
Workato is an Enterprise Automation platform that can:
- Connect to and handle mission-critical integrations across thousands of apps
- Address even the most complex workflow needs across all business teams with its workflow automation capabilities–from Finance, HR, and IT to Marketing, Sales, and Support
- Be used by and foster collaboration between IT and lines of business teams
- Provide enterprises the assurance of enterprise-grade security and governance
- Scale elastically to handle enterprise-wide integrations and workflow automations without requiring provisioning of servers/cores/atoms
Recent company milestones:
More than 6,000 enterprises rely on Workato, including Intuit, Coupa, Nutanix, Slack, Procore, Grab, Rapid7, and Autodesk. Workato has more than tripled its growth since it raised Series B funding in 2018 and is expanding its workforce by hiring for a broad range of strategic roles around the globe. The company also continues to accelerate its product roadmap and expand its Application Partner community with SaaS companies, including Zendesk, Snowflake, OutSystems, Marketo, ServiceNow and Salesforce.
“Workato relieves the intense pressure businesses face to become dynamic digital companies and enables business technology teams to deliver on those needs,” said Vijay Tella, CEO of Workato. “This funding enables us to further accelerate our vision to help businesses innovate faster with enterprise-wide automations through a single, powerful, secure platform that addresses all the integration and automation needs of an enterprise and that can be used by both business and IT.”
“A year into implementing Workato automations, we have accelerated everything we do by 30 percent,” said Wendy M. Pfeiffer, CIO of Nutanix.
Workato also remains committed to accelerating thought leadership on Business Technology through the community of Business Technology professionals, Systematic. With chapters in the Bay Area, Boston, New York, and Singapore, it is the largest global community of Business Technology professionals. This also includes the recent launch of the Women in Business Systems chapter and Business Systems Magic conference–the only conference for people in Business Technology.
“Enterprise automation is one of the most important and strategic priorities of businesses today,” said Satish Dharmaraj, Partner at Redpoint Ventures. “Workato’s customers are really passionate about Workato–something that you don’t often see in enterprise software. With the shift happening towards SaaS and Hybrid Environments, Workato is in an excellent position to further accelerate its leadership in what is one of the largest markets in software today.”
The company’s founders have a history of leadership in Integration, Cloud, and consumer technology with a range of companies including TIBCO software, Oracle Fusion Middleware, Salesforce and Skype.