KnowledgeLake, a leader in AI-based workflow automation, has successfully secured a substantial growth investment of $65 million from Edison Partners. This investment was supported by contributions from the company’s management team and existing shareholders, demonstrating strong internal backing for the company’s vision and growth strategy.
As part of this leadership transition, Kevin Herr, who previously held the positions of Chief Operating Officer and Chief Financial Officer, has been appointed as the new Chief Executive Officer. Founder Ron Cameron will step into an advisory role, where he will lend his expertise to guide the company’s future direction.
The funding will significantly enhance KnowledgeLake’s capabilities, allowing the company to make notable improvements in customer support services, broaden its strategic partnerships, and further develop its AI-driven functionalities. These enhancements are crucial as businesses increasingly seek comprehensive and unified automation solutions to streamline their operations.
KnowledgeLake stands out in the competitive landscape by offering an integrated platform that combines robust document processing, sophisticated workflow automation, and AI-powered insights. This unique approach enables clients to improve operational efficiency across their organizations.
Currently, KnowledgeLake provides services to over 220 clients spanning various industries, including government, education, healthcare, manufacturing, and financial services. By utilizing KnowledgeLake’s solutions, these organizations are achieving faster processing times, enhanced accuracy in document handling, and significant reductions in operational costs.
The company is experiencing remarkable growth, highlighted by an annual growth rate exceeding 50% in its software as a service (SaaS) revenue, along with outstanding customer retention rates.
Edison Partners’ investment in KnowledgeLake is part of a broader trend of backing companies that help organizations transition from outdated manual processes to modern digital operations.
This strategic investment reflects Edison Partners’ commitment to fostering innovation and modernizing essential services within various sectors. As KnowledgeLake continues to expand its capabilities and market reach, the support from Edison Partners will be instrumental in driving its mission of revolutionizing workflow automation.
KEY QUOTES:
“We are incredibly excited to partner with such an established and visionary team. KnowledgeLake stands out for its remarkable, capital-efficient, customer-funded growth. Customers consistently praise their AI-enabled, low-code/no-code platform and support. Their fast time to value, high return on investment, multi-year contracts, and outstanding retention metrics are compelling.”
Ben Laufer principal at Edison Partners
“Our technology provides document-centric organizations an unparalleled, easily integrated infrastructure to modernize operations. We’re thrilled to work with Edison’s investors and operators to bring KnowledgeLake to enterprises striving to manage costs while investing in digital transformation.”
Kevin Herr, CEO, KnowledgeLake
