London-based Mimica, a software company, builds AI that learns to automate repetitive computer tasks. In a recent development, the company announced that it has secured £4.4 million in a Series A funding from Khosla Ventures.
Mimica intends to scaleup in US
This new investment intends to help to further the company’s growth by establishing a sales team in the US and multiplying its investment in R&D. Also, the company will support the product development and global expansion, scale the team from 15 to 50 over the next two years. It will hire a US-based Head of Sales, and various roles across engineering, data science, sales and marketing in both the UK and US.
Chakraborty said, “RPA is the perfect beachhead for our tech because buyers experience so much pain after their purchases. It’s torture, digging for automation opportunities and building process maps by hand, and it’s unnecessary. Mimica is loved by Dell and AT&T because it does the work faster and more accurately, across tens of thousands of employees. With Khosla Ventures’ investment we’ll bring our tech to the rest of the Fortune 500 and take the next big steps in our product roadmap. Soon we’ll be generating bots automatically, on the march toward entrusting AI with the world’s monotonous digital work.”
“We invested in Mimica because the founding team has a terrific combination of deep technical expertise in building AI systems, and a thorough understanding of the challenges faced by an enterprise when managing processes.” said Vinod Khosla, founder of Khosla Ventures. “Mimica’s AI-based technology addresses the biggest challenges in automating business processes, and therefore we believe Mimica is positioned to become the dominant automation solution. I look forward to assisting Tuhin in making Mimica wildly successful.”
“Mimica’s approach can near-autonomously turn noisy clicks and keystrokes, across teams of users, into highly accurate process blueprints with the right level of abstraction.” added Kanu Gulati of Khosla Ventures. “I am thrilled Khosla Ventures is able to back Tuhin and Raphael and the incredibly strong team that they have assembled.”
Matt Clifford, co-founder and CEO of Entrepreneur First, said, “We were fortunate to meet Tuhin and Raphael before Mimica even existed and it was clear from day one that they were exactly the kind of founders who have what it takes to build a globally important company: smart, determined and, above all, hugely ambitious. We’re delighted to see their them attract world-class backing to take Mimica to the next level.”
Damien Lane, co-founder and Partner, Episode 1, said, “We loved Tuhin and Raphael from the moment we first met them when they were raising their seed round and have loved working with them ever since. What they are doing is hugely complex, but they have made enormous strides and we are thrilled to welcome Khosla to the Mimica team as they continue to build what we hope will be a category-defining business.”
Mimica’s products: An overview
Mimica’s first product – Mapper is a segment leader in a new category of tools called “process discovery”. It learns patterns from employee clicks and keystrokes and generates process maps that have historically been created by business analysts through manual effort.
Mimica Mapper supports robotic process automation (RPA) teams, who build software bots that complete repetitive tasks such as data entry, form completion and claim and ticket processing – a market estimated to be worth $107 billion by 2027.
Mapper’s AI uses proprietary advancements in NLP, computer vision and unsupervised learning to surface relevant process actions while hiding noise, and anonymises all recorded data, so no confidential or personally identifiable information is persisted. It is available as a cloud or on-premise solution, and is both GDPR and CCPA compliant.
Also, Mimica is announcing the launch of a new discovery tool, Miner, which helps enterprises to identify new automation opportunities. It conducts a broad sweep across tens of thousands of employees and ranks their tasks by automatability. Already successfully piloted by AT&T, Miner provides the shortlist for automation before Mapper turns it into a reality, creating the business process maps that the RPA bots need to do their work.
Since its debut in 2020, Mimica has converted 100 percent of its pilots, including Dell, AT&T, Hexaware, Experis and Ironbridge. For Dell, Mimica reduced the lead time for bot deployments by 65 percent, equivalent to three times more automation per year.
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