- The investment is based on market momentum toward hyperautomation and the resulting demand for cloud-native, open process automation solutions
- In 2020, Camunda advanced its first-to-market Process Automation as a Service offering, Camunda Cloud, and delivered multiple product releases of its process automation platform
Open source software provider Camunda today announced that it has completed a €82 million (approximately $100 million) funding round led by global venture capital and private equity firm Insight Partners. The round also included existing investor Highland Europe. The investment is based on market momentum toward hyperautomation and the resulting demand for cloud-native, open process automation solutions that can automate any type of process, anywhere. Matt Gatto, managing director at Insight Partners, will join the Camunda Board of Directors.
The company said that Camunda will take advantage of Insight Partners’ depth of expertise in effectively scaling companies and accelerate product development, sales, and marketing initiatives as part of its global expansion. It said that Camunda enables global market leaders such as Allianz, ING, Intuit, and Vodafone to design, automate, and improve business processes end-to-end in a new way and increase business agility, improve customer experiences and provide a faster time-to-value.
According to Gartner, “Hyperautomation has been trending at an unrelenting pace over the past few years, mainly because of the pent-up demand for operationally resilient business processes. Organisations have a tremendous amount of “collective” debt (technical, process, data, architecture, talent and social) that significantly affects their value proposition and brand. The cause is an extensive and expensive set of business processes underpinned by a patchwork of technologies that are often not optimized, lean, connected, consistent or explicit.”
It allows organisations to overcome legacy roadblocks of digital transformation and orchestrate processes across different technologies, systems, infrastructures, people, and devices, laying the foundation for a new digital enterprise.
“Business executives are demanding a path to digital operational excellence. This is creating huge unmet demand for speed, efficacy and democratization of process automation and data integration. This has triggered an enormous backlog of requests from business stakeholders for automation using one or more technologies.”
First-to-market Process Automation as a Service offering
In 2020, Camunda advanced its first-to-market Process Automation as a Service offering, Camunda Cloud, and delivered multiple product releases of its process automation platform. This included an RPA modernization solution to help companies get control of their fragmented and fragile RPA bot implementations.
Jakob Freund, CEO and co-founder of Camunda said, “Camunda was founded on the premise that making it easy for business stakeholders and developers to automate and improve business processes would have a transformational impact on organizations. Today’s funding underscores the tremendous value Camunda’s process automation software is providing to our users and customers every day. It also shows the huge global market opportunity that is in front of Camunda as demand for open, cloud-native process automation solutions that can orchestrate processes end-to-end is quickly reshaping the market.
He added, “We are thrilled to have one of the world’s preeminent venture capital firms on board. This investment, along with Insight Partner’s expertise in scaling world-class software companies, will support our global go-to-market strategy, drive product innovation even faster and help build our leadership position in a quickly evolving process automation market.”