February 26, 2019 / 1:02 PM / 3 months ago

Israeli enterprise automation startup Kryon raises $40 mln

TEL AVIV, Feb 26 (Reuters) - Israel’s Kryon, a developer of robotic process automation technology, said on Tuesday it raised $40 million in a mid-stage financing round led by U.S. venture capital firm OAK HC/FT.

Kryon’s existing investors Aquiline Technology Growth and Vertex Ventures, who led Kryon’s previous round, also participated in this round.

The company said it intends to use the funds to continue to develop its technology and penetrate into new geographies by expanding its sales and marketing teams and opening additional offices. Its sales increased more than 100 percent last year.

Kryon’s technology, which evaluates business processes and recommends which ones to automate, is used by companies such as AIG, American Express, HP and Microsoft. (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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