CUPERTINO, Calif., July 18, 2017 /PRNewswire/ -- Workato, an iPaaS leader in a period of dramatic growth, today announced the completion of $10 million in Series A financing, as well as a major update to its platform — Workato Turing. Together, these initiatives will accelerate digital transformation for enterprises of all sizes.
The Series A financing was led by Storm Ventures with additional investment from Salesforce Ventures and Workday Ventures. Workato secured $6M in earlier funding from founders and advisors.
"SaaS and APIs have completely disrupted the enterprise software market, but integration platforms have not kept up," said Vijay Tella, CEO of Workato. "We are reinventing enterprise-grade integration for tomorrow's dynamic digital business, while delivering consumer-grade ease-of-use. This funding round, along with the release of Workato Turing, will help us to push enterprises toward digital transformation faster."
Workato is used by more than 21,000 organizations, including some of the world's top brands and processes more than 4 billion integration events per year.
"We love companies that take a completely different approach to existing large markets," said Ryan Floyd, managing director of Storm Ventures. "Workato is redefining the integration market for the digital first age and we are excited to join them on this journey."
Workato Turing - The Future of Intelligent Automation
As data continues to be fragmented across more apps and systems, the need for universal visibility, intelligent automation, and context-rich interactions with customers has skyrocketed. The next generation of integration platforms will be the driver for dynamic digital businesses, according to many experts.
"An average enterprise now uses more than 1,000 apps and data sources. Businesses must rethink their middleware and integration platform strategy," said Holger Mueller, VP and principal analyst of Constellation Research. "Integration is no longer just a way to connect a few apps. Now, integration is about accelerating digital transformation across the entire business. Modern integration platforms must allow business users and IT to partner to build and roll out process automations - but without compromising security and governance."
Workato's Turing release is available today and delivers on this need. The highlights of this release are:
Recipe IQ: Increasing intelligence in automations
Machine-learning-driven suggestions to build integrations, automations. Based on billions of events processed, tens of millions of metadata processed, hundreds of thousands of automation use cases.
AI-enhanced automations via integrations with AI platforms such as Salesforce Einstein, Watson, and others that enable businesses to completely re-imagine their business processes.
Enabling modern BPOs with automations that can intelligently run with different credentials at run-time.
Digital Native Architecture: powering collaboration between Business and IT
Enable business teams and IT to collaborate to build and operate integrations using Enterprise Teams and Agile Integration Lifecycle Management.
Automate your automations with fully recoverable automations and easy recipe operations to automate operations of your recipes.
Collaborative governance to manage access, usage, and policies across all your integrations to ensure security and compliance.
Founded in 2000, Storm Ventures is a Silicon Valley-based VC firm focused on Building Enterprise Leaders – as the first or early investor. Storm's current enterprise software investments include Algolia, AtScale, Digital Shadows, Engagio, Guidespark, MobileIron, Pipedrive, SourceClear, Swiftstack and Talkdesk. Storm was the first or early investor in Airespace (Cisco), Cellfire (Catalina), Com2uS (KOSDAQ IPO), Adobe Sign (Adobe), Kidaro (Microsoft), iML (Taiwan IPO/Exar), Marketo (IPO/Vista), Metacloud (Cisco), Sandforce (LSI) and Sierra Monolithics (Semtech). For more information, visit http://www.stormventures.com
About Salesforce Ventures
Salesforce is the fastest growing top five enterprise software company and the #1 CRM provider globally. Salesforce Ventures—the company's corporate investment group—invests in the next generation of enterprise technology that extends the power of the Salesforce Intelligent Customer Success Platform, helping companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world's largest cloud ecosystem and the guidance of Salesforce's innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce's expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 200 enterprise cloud startups in 14 different countries since 2009. For more information, please visit www.salesforce.com/ventures
About Workday Ventures
Workday Ventures works with promising, early stage companies to fuel the next generation of enterprise applications. Workday's focus is on companies that apply data science and machine learning principles in the areas of analytics, applications, security, and platform technologies. In addition to receiving funding to accelerate growth, portfolio companies have the opportunity to gain strategic guidance from Workday's executives, board members, engineers, customers, and partners. For more information, visit http://www.workday.com
Workato, an iPaaS leader trusted by over 21,000 organizations, is the only platform for intelligent automations providing enterprise integration, process automation, and a citizen experience, enabling business users and IT to collaborate in order to build, operate and rollout automations without compromising security and governance. The world's top brands run on Workato including the #1 enterprise collaboration company, #1 bakery cafe chain, #1 big data company, #1 cloud content management company, #1 home improvement company, #1 professional soccer league, and more.