Press Release: Aug. 6, 2024
Extension round doubles valuation, scales growth in the US to further capture market opportunity as demand for process mining and operational intelligence grows
MELBOURNE & NEW YORK – Aug. 6, 2024 – Building on strong customer momentum and market demand, Apromore, a leading provider of AI-driven process mining and digital solutions, today announced it has closed an additional $15 million USD in funding as an extension to its Series B, led by existing investors with participation by Tin Alley Ventures, a joint venture between Tanarra Capital and the University of Melbourne and other investors. This financing brings the total amount of the Series B round to $25.3 million USD / $38.7 million AUD.
Apromore continues to experience momentum, with its revenue growing by triple-digit growth rates in the last twelve months. The new investment enables Apromore to continue to deliver rapid value to its customers and will be used to support additional expansion in the US and Europe and accelerate Apromore’s AI product roadmap. Building on Apromore's digital twin capabilities and its no-code user experience, the company will continue to extend the platform’s capabilities with an AI-enabled optimization engine to recommend opportunities to simplify, automate, and standardize activities and workflows, and to provide conversational interfaces for efficient discovery, analysis, and simulation of end-to-end processes.
Apromore CEO and Co-founder Marcello La Rosa said: “Process mining has emerged as a critical solution for businesses seeking to enhance operational efficiency, enable better customer experience and accelerate digital transformation. It’s expected that one in four global enterprises will have process mining platforms in the next twelve months. We're proud to see such strong interest in Apromore, which not only validates our vision and current trajectory, but also fuels our ambition to define what’s possible in the field of process mining and operational intelligence. We appreciate the confidence and validation from our investors and look forward to collaborating with new investors to help redefine business transformation through process data.”
Among others, this round of funding adds Param Kahlon, EVP and GM of Automation and Integration at Salesforce, as observer to Apromore’s board of directors.
The lack of as-is process visibility and the inability to model and test changes or automation prior to implementation can compromise promising digital transformation initiatives, jeopardize customer experience and impact on compliance. The Apromore platform enables business and technology teams to quickly visualize and analyze their business processes and simulate proposed changes prior to implementation. These capabilities enable managers to estimate the impact and risk of change, which in turn leads to decisions with predictable ROI.
Apromore was recently named a Leader in the 2024 Gartner® Magic Quadrant™ for Process Mining Platforms – the company’s second consecutive year being named a Leader in the report, and named a Leader in Everest Group’s PEAK Matrix® Assessment for Process Mining 2024.
About Apromore
Apromore™ is a leading global provider of process mining and AI-driven business process improvement technology. Our mission is to democratize process mining by making it possible for business teams to rapidly use advanced data science techniques to achieve digital transparency and operational excellence, in a completely no-code environment. Built on award-winning technology, the Apromore platform transforms how teams make decisions and their ability to unlock value in transactional data by revealing inefficiencies, friction points, and compliance violations in their processes. To learn more about us, visit https://apromore.com.
For media inquiries, contact:
Heather Racicot
heather.racicot@apromore.com
360-632-5616