Kryon Systems lands $12M to free knowledge workers from repetitive tasks
Kryon Systems Ltd. is working to help companies streamline business operations one back-office application at a time.
The Israeli startup, which this morning announced the completion of a $12 million funding round, offers a platform for performing so-called robotic process automation. It’s an emerging use of deep learning that centers on freeing up knowledge workers from performing repetitive tasks within business applications.
Automating such manual work has historically been prohibitively difficult. One reason is that the task often requires implementing custom code, which can take a lot of work when there are multiple applications to modify. Making changes to legacy and mission-critical software is particularly tricky.
Kryon promises it can take most of the hassle out of the process. The company’s platform, which is sold under the name Leo, provides a drag-and-drop interface that lets users create custom workflows for handling various tasks. The deep learning technology under the hood enables Leo to navigate an application’s interface by sight just like a human.
As a result, companies don’t have to make any changes to the code base. This in turns means that a much larger number of tasks can be automated across an organization than would be feasible the old-fashioned way. Kryon says that Leo is capable of handling form creation, payment processing and practically any other repetitive business process.
Another use for the platform is employee training. Leo can be configured to provide a step-by-step guide of an application’s features, which frees up the person-hours that would normally have to be spent on walking new hires through the interface.
UiPath SRL, a startup that raised $30 million in funding earlier this year, offers a similar platform for automating back-office chores. Today’s investment should put Kryon on a more even playing field.
The round was jointly led by Aquiline Capital Partners and Vertex Ventures. Kryon plans to double down on feature development, as well as speed up its global expansion plans.
Image: Kryon
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