Yahoo Finance Mimica, which automates RPA, raises $6M Series A funding led by Khosla Ventures
Mimica, which (perhaps oddly enough) automates robotic process automation, has raised a $6 million Series A funding from Khosla Ventures. The company will use the funds to establish a sales team in the U.S. and build out its product. Previous seed investors included the U.K.’s Entrepreneur First accelerator and the Episode 1 VC.
Mimica’s first product, Mapper, operates in the realm of “process discovery,” which “learns patterns from employee clicks and keystrokes” thus generating process maps that normally take business analysts months to produce via manual effort. In other words, it automates the process of automation.
Mimica supports RPA teams that build software bots that complete repetitive tasks such as data entry, form completion, and claim and ticket processing — a market estimated to be worth $107 billion by 2027. However, the company argues that RPA giants like UiPath are hard to implement in practice, and its own software would speed this up.
Mimica team. Image Credits: Mimica
Mimica says its AI removes these bottlenecks by automatically discovering opportunities for automation and generating process maps for bots that can accelerate development.
CEO Tuhin Chakraborty and CTO Raphael Holca-Lamarre co-founded Mimica in 2017. Holca-Lamarre did a Ph.D. in computational neuroscience and machine learning. Chakraborty studied machine learning at Stanford and earned a patent for a supervised learning model he developed at LinkedIn.
Since launching in 2020, Mimica has worked with Dell, AT&T, Hexaware, Experis and Ironbridge.
Chakraborty said: “RPA is the perfect beachhead for our tech because buyers experience so much pain after their purchases. It’s torture, digging for automation opportunities and building process maps by hand, and it’s unnecessary.”
Vinod Khosla, founder of Khosla Ventures, said: “We invested in Mimica because the founding team has a terrific combination of deep technical expertise in building AI systems and a thorough understanding of the challenges faced by an enterprise when managing processes.”
Mimica competes with FortressIQ and Skan -- both U.S. companies. Other players like UiPath and Celonis are building competing solutions.
