Skan, a process intelligence provider, has announced it has raised $40 million in its Series B funding round. The company develops software to automatically map business processes as part of digital transformation initiatives. The architecture requires no integrations, simplifying adoption and scalability. More than 40 customers, including banks, insurance companies and other large enterprises, use the Skan platform to continuously observe, understand and model their business processes.
Process intelligence is a critical component of the hyperautomation market that Gartner predicted could reach $596 billion by 2022. These tools identify existing business processes to accelerate business reengineering and automation using RPA and low-code tools.
There are different types of process intelligence tools. The earliest tools developed by companies like Celonis used process mining to analyze system software logs. Skan has developed process capture tools that use machine vision to capture process data at the UI level. This is comparable to companies like FortressIQ, which was recently acquired by Automation Anywhere.
Automation in process intelligence
Skan was co-founded by Avinash Misra and Manish Garg, who have co-founded several companies over the past 22 years. Genpac took over their previous venture in 2015.
Misra told VentureBeat that at Genpact, they realized that the root cause of all failures in digital transformation initiatives was the gap between executives’ understanding of how their business works and how the work was actually done.
The traditional approach to understanding the business has been to hire expensive process experts to interview staff and manually generate a process map. These interview-based process maps were static, one-off snapshots that sometimes lack the nuances of the work. Skan was founded to help bridge this gap.
“The power and simplicity of Skan’s technology is that it captures these nuances without the input of people and no technology integrations are needed,” Misra said.
Investing in the future
This round brings Skan’s total to $54 million. These funds will play an important role in further growing the process intelligence platform of its global engineering teams, expanding its product offering and growing its partner ecosystem.
The company currently has about 70 employees and plans to double its team this year. The funding will also help enhance product capabilities with an enhanced user experience and enhance real-time compliance, operations, customer decision support and self-service business intelligence capabilities.
Misra said they also plan to improve AI models for root cause analysis, 360 automation scores, real-time workload balancing, and end-to-end Six Sigma and Lean management support. In addition, Skan enhances federated learning tools that can make local updates to AI/ML models that mitigate privacy and security concerns. As a result, Skan is able to provide a SOC 2 compliant and ISO27001 certified solution that has also met questions about GDPR compliance.
The combination of enhanced security and easy integration helps address the key concerns IT teams face around digital transformation initiatives. IT leaders are under pressure to increase efficiencies, which must be balanced against the increasing control of compliance and compliance with the growth of work from home.
Misra said, “Skan empowers the enterprise to be self-aware in solving these problems and empowers organizations to meet these demands based on data and the power of AI.”
Dell Technologies Capital led the Series B financing, with additional contributions from Citi Ventures and Zetta Venture Partners.
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This post Skan Raises $40 Million to Scale Process Intelligence
was original published at “https://venturebeat.com/2022/03/31/skan-lands-40m-to-scale-process-intelligence/”