Enterprise automation platform Jiffy.ai has raised $53 million in its Series B round of funding from Fidelity-backed investment firm Eight Roads Ventures.
In this round many investors also participated like venture funds Iron Pillar, R-Squared and returning investors Nexus Venture Partners, Reaction Capital, and RebrightPartners.
In June 2020, the company had raised $18 million in a Series A round of funding from Nexus Venture Partners.
“This funding will advance our mission to help build autonomous enterprises of the future by applying artificial intelligence and automation to transform enterprise operations,” said Babu Sivadasan, Co-founder and CEO at JIFFY.ai.
The company will use the funds in to scale its sales and marketing and advance its HyperApp platform which simplifies business process automation using artificial intelligence (AI), natural language processing (NLP), machine learning (ML), and advanced analytics.
Palo Alto, California-headquartered Jiffy.ai was founded in 2018 by Sudhir Sen, Babu Sivadasan and it was spun off from its parent company Panini to develop an integrated automation and app development platform for the fintech industry.
“The automation of business processes has become an integral pillar of the digital transformation agenda of enterprises, especially post-pandemic. JIFFY.ai’s AI-driven approach to automation is unique with an integrated, modular, and intelligent solution that has proven superior alongside a faster and more sustainable ROI,” said Shweta Bhatia, Partner and Head of Technology Investments in India at Eight Road Ventures.
JIFFY.ai’s end-to-end business process automation and lifecycle management is currently used by businesses in banking and financial services, media and telecommunications, advertising, manufacturing, finance and accounting, as well as travel. It helps them to increase efficiency and reduce the cost of OPEX.
The company has worked on more than 100 projects across 4 continents.