Tonkean Closes $24M Series A To Automate Operations

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

Tonkean, a developer of software platforms for operations teams to automate more tasks, has raised $24 million in a Series A funding round led by Lightspeed Venture Partners.

Founded in 2015, the San Francisco-based startup operates on a software-as-a-service (SaaS) model, offering tools to help companies automate work ranging from escalation of customer support queries to gathering data for internal audits.

Broadly speaking, it’s a high-growth area. In recent quarters, venture capitalists have been pouring money into companies in the robotic process automation space, which markets itself on the promise of automating routine tasks and freeing employees’ time to focus on higher value efforts.

Tonkean’s offering is along similar lines, but with a bit of a twist, according to co-founder and CEO Sagi Eliyahu.

“We came up with this new category we call ‘adaptive business automation,’” Eliyahu said. The aim is to both automate data-pulling and the workflow tasks associated with that data.

Tonkean decided to focus on operations teams, Eliyahu said, because founders noticed they typically lack a dedicated toolset or platform specifically designed for them. To streamline repetitive tasks, many historically turned to engineering teams for custom products, an often lengthy and costly undertaking.

With the COVID-19 pandemic, Eliyahu said, operations teams are among the many professions hard-pressed to come up with quick solutions to handle sharp shifts in business requests. He cites the example of a travel industry partner that needed a way to rapidly manage a surge in customer inquiries around cancellations, but said that’s far from the only industry needing to adapt on-the-fly.

Tonkean’s latest round follows a $7.2 million seed investment last year. Foundation Capital, which led that round, also joined in the Series A, along with Magma Venture Partners and Slow Ventures.

Home of Science
Follow me

- Advertisement -




How Can a Mesothelioma Lawyer Help You?

How Can a Mesothelioma Lawyer Help You?A mesothelioma attorney is an individual who can assist you when you are going through this horrific...

Jeff Bezo and Amazon – Are They Working Together?

Amazon Corporation and Jeff Bezos are in some hot water. Some idiot named it first and have stuck to it for years. Even today,...

Covid-19: India surpasses 200,000 deaths and one vaccine dose ‘halves transmission’on April 28, 2021 at 6:59 am

Five things you need to know about the coronavirus pandemic this Wednesday morning.Here are five things you need to know about the coronavirus pandemic...

Moderna plans to issue $1.25 billion in fresh equity following 20% stock jump

KEY POINTS Moderna said it also expects to grant the underwriters a 30-day option to buy up to an additional $187.5 million in common...

Fashion stars are earning up to $50,000 per post

His wherein male land form. Own whose they're gathered is let male kind from. A you'll life waters evening fly female won't...
Home of Science
Follow me