Apromore raises AU$6.84 million in Series A funding
Melbourne, Australia – 6 July, 2020
Apromore, the leading developer of open-source process mining technology, today announced it has raised AU$6.84 million (EUR 4 million) in a Series A round led by German business process management specialist GBTEC. The round also involved investment from Australia-based consulting and technology firm Leonardo and The University of Melbourne, which helped to incubate Apromore prior to the spin-off.
Left to right: Prof. Marcello La Rosa, CEO & Co-Founder, Prof. Marlon Dumas, Partnerships Manager & Co-Founder, Dr Simon Raboczi, Chief Software Architect & Co-Founder, and Dr Ilya Verenich, Chief Data Scientist and Co-Founder
The Series A investment will allow Apromore to strengthen its product development capacity and to expand into the realm of AI-driven automated process improvement, including robotic process mining, prescriptive process analytics, and automated decision optimization. According to Gartner’s 2019 Market Guide for Process Mining: “[Apromore] focuses significantly more than its competitors on intelligent support for model enhancement, and on predictive analytics.” It is anticipated the investment will allow Apromore to build on its success to date and further solidify its market position.
Apromore’s CEO, Prof. Marcello La Rosa, highlighted that “Apromore inherits from a decade of R&D in the field of business process management and process mining, and we have packed the most advanced algorithms for process mining into our product. This investment will allow us to maintain our competitive advantage by incorporating the latest research and innovations in the field of AI-driven automated process improvement into our product. It will also allow us to continue pursuing our mission of democratizing process mining via a commercial open-source business model.”
The investment is coupled with a strategic partnership with GBTEC. The partnership will see GBTEC offering Apromore’s process mining technology as a core component of its BIC Platform for business process modeling and automation.
Commenting on the investment and the strategic partnership, GBTEC’s CEO, Gregor Greinke, said: “The integration of Apromore into the BIC Platform will provide a one-stop shop for companies seeking to accelerate their digital transformation journey with full-lifecycle process optimization. The analytics capabilities that Apromore brings into the BIC Platform are truly exceptional when it comes to identifying underperforming processes, rework loops, waste, and bottlenecks. By joining forces, we are certain to establish one of the best analytics and AI-driven process optimization tools on the market.”
Leonardo’s Managing Director Adam Mutton also added: “Apromore is leading the way in innovative AI-driven process improvement – from automated discovery of actual as-is processes, to predictive process modelling based on live data, to future directions involving integrated robotic process discovery, scripting and automation. Clients are excited by the ability to dramatically reduce discovery and analysis time, rapidly analyze large datasets and drill to specific issues and root-cause analysis to determine the highest priority improvements”.
Prof. Mark Cassidy, Dean of Melbourne School of Engineering, also added: “This is a clear demonstration of the strong commitment of the University of Melbourne’s School of Engineering to turn world-class research into commercial innovation.” Prof. Uwe Aickelin, Head of the School of Computing and Information Systems, added: “This successful spinoff is testimony to the high quality and relevance of the research conducted in our school, and accentuates our position as a world-class hub for computing research”.
Apromore is the result of over a decade of extensive research and innovation at The University of Melbourne, Queensland University of Technology, University of Tartu (Estonia), and other research institutions across the globe. The technology has already been adopted in several dozen companies worldwide. In line with its open-source roots, Apromore is available in two editions: Community Edition and Enterprise Edition. The Community Edition is open source and free to download and use. The Enterprise Edition is a maintained and supported edition for professional use. In addition to the vast range of process mining features present in the Community Edition, the Enterprise Edition is armed with a sleek user interface and a rich set of features for process performance analytics.
About Apromore Pty Ltd
Apromore Pty Ltd is a leading provider of open-source solutions for process mining and AI-driven business process improvement. Our vision is to democratize process mining by enabling organizations to achieve digital transparency and operational excellence. We’ve helped dozens of organizations leverage the full potential of their business transactional data to enhance their productivity, product & service quality, and compliance. Our process mining platform is the result of over ten years of research and innovation at The University of Melbourne (Australia), University of Tartu (Estonia) and several other universities worldwide. Our customers include leading companies in the banking, insurance, healthcare, manufacturing, and government sectors.
About GBTEC Software AG
GBTEC Software AG is a Business Process Management and IT Management expert. The company successfully combines consulting and software development under one roof. With GBTEC’s BPM solution “BIC” it offers an innovative, fully extended, powerful BPM-suite for process and IT-system optimization. Organizations from different sectors, such as companies listed on the DAX, larger medium-sized enterprises as well as public authorities rely on GBTEC’s BPM solution “BIC”. To learn more, visit: https://www.gbtec.de/en
About Leonardo
Leonardo is a process transformation company, driving intelligent end-to-end process improvement through technology. Leonardo helps its clients rebuild business processes for the digital age by combining process-centric strategic thinking with the rigour and precision of enabling technologies that support transformation. Over the past two decades, Leonardo has helped clients around the world take manual, outdated, broken processes and reimagine them for the digital age – ensuring that business strategies are embedded, automated and integrated into the systems and platforms that drive better experiences with customers and stakeholders. To learn more, visit: https://www.leonardo.com.au
About University of Melbourne
Established in 1853, The University of Melbourne is a public-spirited institution that makes distinctive contributions to society in research, learning and teaching and engagement. It is consistently ranked among the leading universities in the world, with international rankings placing it as first university in Australia and among the top 50 in the world (THE 2020 – no. 32, QS 2020 – no. 38). The university has over 45,000 students (15,000 international) and 8,000 staff. Its impressive alumni community spans across 160 countries and includes eight Nobel laureates, four Australian prime ministers and five governors-general. This is testament to the world-class education and research the University of Melbourne delivers. To learn more, visit: https://unimelb.edu.au
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University of Melbourne’s Press Release
Contact:
Marcello La Rosa, CEO
Tel: +61 3 8344 9887
Email: info@apromore.com