Workflow automation platform Conexiom raises $100M

Conexiom, a Vancouver, Canada-based firm creating workflow automation software program for producers and distributors, at the moment introduced that it raised $130 million in a funding spherical led by Warburg Pincus with participation from Luminate Capital and ICONIQ Development. The proceeds carry Conexiom’s whole raised thus far to roughly $170 million, CEO Ray Grady says they’ll be put towards platform R&D and hiring.

Yearly, greater than $15 trillion {dollars} of order-to-cash and procure-to-pay transactions are manually processed in North America and Europe. Though firms spend billions every year on digital transformation initiatives, roughly 50% of business-to-business transactions nonetheless contain emailing paperwork between patrons and sellers and manually keying information into methods.

Based in 2001, Conexiom goals to ship automated processing capabilities that flip unstructured information into “touchless” transactions. The platform automates invoices, vendor paperwork, order acknowledgements, requests for quotes, particular pricing agreements, and extra, delivering key information into enterprise useful resource administration (ERM) methods and different databases of report.

Above: Conexiom’s workflow automation platform.

Picture Credit score: Conexiom

“Conexiom’s clients face rising challenges which might be accelerating the necessity for automation options.  Our platform is mission essential to our clients, serving to them automate and scale their order to money and procure to pay processes,” Grady stated in a press launch. “This funding is nice validation of our individuals, platform and market management and can assist us speed up product funding to fulfill rising market demand.”

For instance, Conexiom can routinely seize information from a purchase order order and translate it right into a gross sales order inside an ERP system. Grady claims that for McNaughton-McKay, whose clients place a number of orders per week with 70 line gadgets or extra on common, it’s introduced the order processing time all the way down to minutes slightly than hours.

“Our employees is pretty much as good because it will get, however they’re human. Errors are going to occur which meant our groups wanted to carve out time for returns, exchanges, and rebills after they have been already overloaded,” McNaughton-McKay senior undertaking supervisor Denny Wyss stated in a press release. “The half that impresses me most is Conexiom’s potential to take a guide order course of and cut back the time spent on it to just about nothing,”

Development market

The workflow automation market was valued at $8.07 billion in 2019 and is projected to succeed in $39.49 billion by 2027, climbing at a compound annual progress charge of 23.68% from 2020 to 2027. The pandemic is chargeable for the uptick notably in manufacturing, the place it drove companies to digitally automate what have been beforehand repetitive, offline guide duties. In line with a current survey commissioned by Google, two-thirds of producers utilizing AI of their operations report that their reliance on AI has elevated. Even amongst corporations that at the moment don’t use AI, a couple of third consider it could make staff extra environment friendly and be useful for workers total, in keeping with Google.

In some methods, Conexiom competes with gross sales automation platforms like Revenue Grid, which have raised tens of thousands and thousands in enterprise capital thus far. RightBound presents a platform to automate back-office gross sales processes, and SugarCRM, one other competitor, offers a predictive AI engine for advertising automation.

However since Luminate purchased a majority stake in Conexiom in 2018, the corporate has grown over six instances in dimension and now processes over $100 billion in business-to-business transactions yearly with clients together with Chevron and HP. Conexiom doubled its headcount in 2020 and plans to give attention to rising its engineering, account administration, and account providers groups throughout workplaces in Ontario, London, Munich, and Chicago.

“Because the demand for software-as-a-service-based methods grows, we proceed to see vital progress alternative for firms like Conexiom. Our funding underscores our long-term dedication to investing strategically in market-leading, business-to-business software program companies,” Warburg Pincus managing director Justin Sadrian stated in a press launch.