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London-based software company Mimica develops AI that learns to automate repetitive computing tasks. In a recent development, the company announced that it has secured £ 4.4 million in Series A funding from Khosla Ventures.
Mimica intends to expand in the United States
This new investment is designed to support the company’s growth by building a sales team in the United States and multiplying its investments in research and development. The company will also support product development and global expansion, increasing the team from 15 to 50 over the next two years. It will hire a US-based sales director and various engineering, data science, sales and marketing roles in both the UK and US.
Chakraborty said, “RPA is the perfect bridgehead for our technology because buyers feel so much pain after their purchases. Searching for automation options and creating process maps by hand is agony, and it is unnecessary. Mimica is loved by Dell and AT&T because it does the work of tens of thousands of employees faster and more accurately. With the investment from Khosla Ventures, we are bringing our technology into the rest of the Fortune 500 and taking the next big steps in our product roadmap. Soon we will automatically generate bots on the way to entrust the monotonous digital work of the world to AI. “
“We invested in Mimica because the founding team has an excellent combination of in-depth technical expertise in building AI systems and a thorough understanding of the challenges a company faces in managing processes,” said Vinod Khosla, founder of Khosla Ventures. “Mimica’s AI-based technology addresses the greatest challenges in business process automation, and therefore we believe Mimica has the potential to become the dominant automation solution. I look forward to helping Tuhin make Mimica so successful. “
“Mimica’s approach can convert noisy clicks and keystrokes across multiple user teams almost autonomously into high-precision process plans with the right level of abstraction,” added Kanu Gulati of Khosla Ventures. “I am thrilled that Khosla Ventures can support Tuhin and Raphael and the incredibly strong team they have put together.”
Matt Clifford, Co-Founder and CEO of Entrepreneur First, said, “We were fortunate enough to meet Tuhin and Raphael before Mimica even existed, and it was clear from day one that they are exactly the kind of founders who do that stuff to build a company have globally significant companies: smart, determined and, above all, very ambitious. We are very excited that you are receiving world class support to take Mimica to the next level. “
Damien Lane, episode 1 co-founder and partner, said: “We loved Tuhin and Raphael from the moment we first met them when they started their seed round, and have loved working with them ever since. What they do is hugely complex, but they have made tremendous progress and we are very excited to have Khosla join the Mimica team as they continue to develop what we hope is the category-defining company. “
Mimica’s products: an overview
Mimica’s first product – Mapper is a segment leader in a new category of tools called “Process Discovery”. It learns patterns from employee clicks and keystrokes and generates process maps that were manually created by business analysts in the past.
Mimica Mapper helps Robotic Process Automation (RPA) teams develop software bots that perform repetitive tasks such as data entry, form filling, and application and ticket processing – a market that will rise to $ 107 billion by 2027 is appreciated.
Mapper’s AI uses proprietary advances in NLP, computer vision, and unsupervised learning to reveal relevant process actions while hiding noise, and anonymizes all recorded data so that no confidential or personally identifiable information is left. It is available as a cloud or on-premise solution and is both GDPR and CCPA compliant.
Mimica also announced the launch of a new discovery tool, Miner, to help companies identify new automation opportunities. It carries out a broad sweep over tens of thousands of employees and arranges their tasks according to their ability to be automated. Miner has already been successfully piloted by AT&T and provides the shortlist for automation before Mapper turns it into reality and creates the business process maps the RPA bots need to do their jobs.
Since debuting in 2020, Mimica has converted 100 percent of its pilots, including Dell, AT&T, Hexaware, Experis, and Ironbridge. For Dell, Mimica has reduced the lead time for bot deployments by 65 percent, which equates to three times more automation per year.