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Jiffy.ai bags USD 53 Mn in fundraising led by Eight Roads Ventures

Jiffy.ai bags USD 53 Mn in fundraising led by Eight Roads Ventures
Jiffy.ai bags USD 53 Mn in fundraising led by Eight Roads Ventures

Jiffy.ai, a B2B automation platform, has reportedly raised USD 53 million in a funding round led by Eight Roads Ventures. According to the firm, the fresh funds will be deployed to expand the company's sales and marketing efforts, as well as to advance its HyperApp platform

Sources claim that the latest fundraising round saw participation from venture firms R-Squared and Iron Pillar, as well as existing investors Reaction Capital, Nexus Venture Partners, and Rebright Partners.

Before the latest fundraising, Jiffy.ai had also raised USD 18 million led by Nexus Venture Partners as of June 2020. The Paanini Foundation, which is a non-profit organization, is its largest equity shareholder.

For those unaware, the company was founded in 2018 as the go-to-market brand of its parent company Paanini Inc. and is working to reinforce its intelligent automation platform. The platform assists clients in assembling automated business capabilities that can learn and adapt to changing needs with minimal additional resources and operational expenditure.

Shweta Bhatia, Partner, and Head of Technology Investments in India at Eight Roads Ventures mentioned in a statement that automation of business processes has become an integral pillar of enterprises' digital transformation agenda, particularly post-pandemic.

According to Gartner, one of the top three drivers of low-code adoption through 2022 will be business-driven hyper-automation. It is estimated that by 2024, low code will account for more than 65 percent of application development activity. For those unaware, low code is a software development methodology that requires little to no coding to build applications and processes.

It is worth mentioning here that B2B enterprise software-as-a-service (SaaS) has sparked the interest of risk investors, and the industry has been one of the biggest beneficiaries of the recent funding growth.

 Source Credits –

https://economictimes.indiatimes.com/tech/startups/jiffy-ai-raises-53-million-in-funding-led-by-eight-road-ventures/articleshow/90099318.cms

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.