{"id":25957,"date":"2021-08-26T11:58:33","date_gmt":"2021-08-26T11:58:33","guid":{"rendered":"https:\/\/rbsitsoftwaresolution.com\/blog\/no-code-process-automation-platform-leapwork-fires-up-with-62m-series-b.html"},"modified":"2021-08-26T11:58:33","modified_gmt":"2021-08-26T11:58:33","slug":"no-code-process-automation-platform-leapwork-fires-up-with-62m-series-b","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/no-code-process-automation-platform-leapwork-fires-up-with-62m-series-b.html","title":{"rendered":"\u2018No code\u2019 process automation platform, Leapwork, fires up with $62M Series B"},"content":{"rendered":"

Copenhagen-based process automation platform Leapwork<\/a> has snagged Denmark\u2019s largest ever Series B funding round, announcing a $62 million raise co-led by KKR and Salesforce Ventures, with existing investors DN Capital and Headline also participating.<\/p>\n

Also today it\u2019s disclosing that its post-money valuation now stands at $312M.\u00a0<\/span><\/p>\n

The \u2018no code\u2019 2015-founded startup last raised back in 2019<\/a>, when it snagged a $10M Series A. The business was bootstrapped through earlier years \u2014 with the founders putting in their own money, garnered from prior successful exits. Their follow on bet on \u2018no code\u2019 already looks to have paid off in spades: Since launching the platform in 2017, Leapwork has seen its customer base more than double year on year and it now has a roster of 300+ customers around the world paying it to speed up their routine business processes.<\/p>\n

Software testing is a particular focus for the tools, which Leapwork pitches at enterprises\u2019 quality assurance and test teams.<\/p>\n

It claims that by using its \u2018no code\u2019 tech \u2014 a label for the trend which refers to software that\u2019s designed to be accessible to non-technical staff, greatly increasing its utility and applicability \u2014 businesses can achieve a 10x faster time to market, 97% productivity gains, and a 90% reduction in application errors. So t<\/span>he wider pitch is that it can support enterprises to achieve faster digital transformations with only their existing mix of in-house skills.\u00a0<\/span><\/p>\n

Customers include the likes of PayPal, Mercedes-Benz and BNP Paribas.<\/p>\n

Leapwork\u2019s own business, meanwhile, has grown to a team of 170 people \u2014 working across nine<\/span> offices throughout Europe, North America and Asia.<\/p>\n

The Series B funding will be used to accelerate its global expansion, with the startup telling us it plans to expand the size of its local teams in key markets and open a series of tech hubs to support further product development.<\/p>\n

Expanding in North America is a big priority now, with Leapwork noting it recently opened a New York office \u2014 where it plans to \u201csignificantly\u201d increase headcount.<\/p>\n

\u201cIn terms of our global presence, we want to ensure we are as close to our customers as possible, by continuing to build up local teams and expertise across each of our key markets, especially Europe and North America,\u201d CEO and co-founder Christian Brink Frederiksen tells TechCrunch. \u201cFor example, we will build up more expertise and plan to really scale up the size of the team based out of our New York office over the next 12 months.<\/p>\n

\u201cEqually we have opened new offices across Europe, so we want to ensure our teams have the scope to work closely with customers. We also plan to invest heavily in the product and the technology that underpins it. For example, we\u2019ll be doubling the size of our tech hubs in Copenhagen and India over the next 12 months.\u201d<\/p>\n

Product development set to be accelerated with the chunky Series B will focus on enhancements and functionality aimed at \u201cbreaking down the language barrier between humans and computers\u201d, as Brink Frederiksen puts it<\/p>\n

\u201cEurope and the US are our two main markets. Half of our customers are US companies,\u201d he also tells us, adding: \u201cWe are extremely popular among enterprise customers, especially those with complex compliance set-ups \u2014 40% of our customers come from enterprises banking, insurance and financial services.<\/p>\n

\u201cHaving said that, because our solution is no-code, it is heavily used across industries, including healthcare and life sciences, logistics and transportation, retail, manufacturing and more.\u201d<\/p>\n

Asked about competitors \u2014 given that the no code space has become a seething hotbed of activity over a number of years<\/a> \u2014 Leapwork\u2019s initial response is coy, trying the line that its business is a \u2018truly special snowflake\u2019. (\u201cWe truly believe we are the only solution that allows non-technical everyday business users to automate repetitive computer processes, without needing to understand how to code. Our no-code, visual language is what really sets us apart,\u201d is how Brink Frederiksen actually phrases that.)<\/p>\n

But on being pressed Leapwork names a raft of what it calls \u201clegacy players\u201d \u2014 such as Tricentis<\/a>, Smartbear<\/a>, Ranorex<\/a>, MicroFocus<\/a>, Eggplant Software<\/a>, Mabl<\/a> and Selenium<\/a> \u2014 as (also) having \u201cgreat products\u201d, while continuing to claim\u00a0they \u201cspeak to a different audience than we do\u201d.<\/p>\n

Certainly Leapwork\u2019s Series B raise speaks loudly of how much value investors are seeing here.<\/p>\n

Commenting in a statement, Patrick Devine, director at KKR, said: \u201cTest automation has historically been very challenging at scale, and it has become a growing pain point as the pace of software development continues to accelerate. Leapwork\u2019s primary mission since its founding has been to solve this problem, and it has impressively done so with its powerful no-code automation platform.\u201d<\/p>\n

\u201cThe team at Leapwork has done a fantastic job building a best-in-class corporate culture which has allowed them to continuously innovate, execute and push the boundaries of their automation platform,\u201d added Stephen Shanley, managing director at KKR, in another statement.<\/p>\n

In a third supporting statement, Nowi Kallen, principal at Salesforce Ventures, added: \u201cLeapwork has tapped into a significant market opportunity with its no-code test automation software. With Christian and Claus [Rosenkrantz Topholt] at the helm and increased acceleration to digital adoption, we look forward to seeing Leapwork grow in the coming years and a successful partnership.\u201d<\/p>\n

The proof of the no code \u2018pudding\u2019 is in adoption and usage \u2014 getting non-developers to take to and stick with a new way of interfacing with and manipulating information. And so far, for Leapwork, the signs are looking good.<\/p>\n

\n

Leapwork raises $10M for its easy process automation platform, plans US expansion<\/a><\/p>\n<\/blockquote>\n

\n

\n

Don\u2019t hate on low-code and no-code<\/a><\/p>\n<\/blockquote>\n

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Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/5ISKyRfaYmo\/<\/p>","protected":false},"excerpt":{"rendered":"

Copenhagen-based process automation platform Leapwork has snagged Denmark\u2019s largest ever Series B funding round, announcing a $62 million raise co-led by KKR and Salesforce Ventures, with existing investors DN Capital <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-25957","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t