Tel Aviv-based enterprise software company Kryon Systems Ltd. has raised $40 million in a funding round led by Greenwich, Connecticut-based venture capital firm Oak HC/FT Partners LLC, Kryon announced Tuesday. Existing investors Aquiline Technology Growth and Vertex Venture Holdings also participated in the round that brought Kryon’s total funding raised to $57 million.
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Founded in 2008, Kryon develops virtual agents, or bots used to automate organizational processes, such as handling paperwork or filing insurance claims. Kryon lists Microsoft, AT&T, HP, and Israeli defense contractor Elbit Systems Ltd. among its clients.
When it comes to automation of processes and jobs previously done by humans the focus is given to the future autonomous car, but automation is already happening in enterprises, Kryon CEO Harel Tayeb said in a phone interview with Calcalist Monday. Automation of the type offered by Kryon, does away with time-consuming chores, like filing paperwork, giving salespeople more time to close deals, he said.
Kryon employs 120 people in eight countries after doubling in size since last year, according to Tayeb.