Kryon Systems Raises $12 Million in Series B Funding Round

Franklin Lakes, New Jersey-based company Kryon Systems Ltd. raised $12 million in a series B funding round led by Aquiline Technology Growth and Vertex Ventures, the company announced Monday.

Kryon will use the money to hire more employees, invest in research and development operations, and work to increase global presence, the company said in a statement.

Founded in 2009, Kryon develops and markets virtualized agents, automating organizational processes like outpayments and insurance claim processing. The bots developed by the company can access and analyze data in organizational information systems and send out emails to clients. The company names insurance company Allianz and Microsoft as clients.

Kryon’s platform “is transforming the workplace,” said Michael Cichowski, Investor at Aquiline Technology Growth. “We believe the value proposition and differentiated technology can shape the future of operations and business processes across many industries, namely insurance and financial services,” he added. Mr. Cichowski will join Kryon’s Board of Directors.

Aquiline Technology Growth is managed by Aquiline Capital Partners, a New York-based private equity firm. It invests in insurance and financial services-related technology companies.

Vertex Ventures invests in early-stage IT and healthcare opportunities in China, Silicon Valley, India, Israel, and South East Asia.