- Unified enterprise automation innovation company JIFFY.ai announced it has raised $18 million in funding
Unified enterprise automation innovation company JIFFY.ai announced it has raised $18 million in funding. This round of funding was led by Nexus Venture Partners with participation from Rebright Partners, W250 Venture Fund (founded by alumni of the Stanford Executive Program), and several C-level business leaders led by Sri Viswanath (CTO of Atlassian), Richard Galanti (CFO of Costco), Charles Goldman (CEO of Assetmark), Tony Thomas (former CIO of Nissan Motors), Jim Brady (former COO Grant Thornton) and Bob Ward (former COO Sungard Wealth and Retirement).
In the past 18 months, JIFFY.ai built a team of 150 global employees and developed a customer base of over 20 enterprises. And the company is pursuing a responsible path to artificial intelligence innovation.
This round of funding will be used for delivering on its vision, growing the team, and further scaling its product roadmap and existing customer base which already comprises Fortune and Global 1000 companies.
Nearly every company in the world is expected to be using robotic process automation (RPA) in some form
within the next five years, according to Deloitte. And attempts to automate manual tasks in verticals like operations, HR, and accounting have fallen short. Plus Gartner is also estimating that by 2024, low-code application development will be responsible for over 65% of application development activity.
JIFFY.ai has evolved its core product to make complex process automation and application design available to enterprises in just a few clicks. And unique to its technology is that it sits on top of legacy systems dependent on manual entries — which tend to be slow and heavily error-prone.
Through the latest release, JIFFY.ai combines the power of RPA, deep document processing, and native cognitive (AI/ML) capabilities into a single integrated platform with built-in enterprise-class security.
Some of the key features of JIFFY.ai include an easy-to-use design studio for no-code application development, a cognitive workbench, and a configurable analytics dashboard to monitor the automated processes with a human-in-the-loop interface.
Interestingly, JIFFY.ai is uniquely structured with 20 co-founders, 70% of whom come from the c-suite level or have previous founder experience, with a team that has successfully led Stamps.com and Envestnet to IPO with a combined market capitalization of more than $5 billion.
And with a focus on creating lasting social impact and improving the lives of workers whose livelihoods have been affected by automation, the company’s largest equity shareholder is its non-profit organization Paanini Foundation. The Foundation — which will offer job training and placement assistance programs for people impacted by automation in the workplace — will announce new partnerships and program details in the coming months as it tackles demands from its corporate partners and existing client base.
“Our goal is to set a new standard for business at the intersection of entrepreneurship and innovation. Across our entire team, we’re dedicated to tackling the effects of automation on the workforce, not just by accelerating the path to profit for businesses, but also through our foundation arm, we’ll invest in programs to re-train and up-skill workers whose jobs may be displaced.”
– Babu Sivadasan, CEO and co-founder of JIFFY.ai
“From automating processes in revenue accounting and supply chain and eventually to our operating groups, we are constantly trying to improve our capabilities to help us achieve our vision of becoming the world’s most loved, most efficient and most profitable airline. Jiffy.ai has been a strong partner since 2019 in helping us begin our automation journey – starting with RPA and moving towards achieving the full value of intelligent automation. This is an increasingly important part of our overall strategy as we embrace the rapid pace of change and desire to free up our People to focus on the highest value activities.”
– Angela Marano, Managing Director, Business Transformation, Southwest Airlines
“JIFFY.ai is set to make enterprises vastly more efficient and will enable use cases not possible before. We are thrilled to partner with Babu and team in their pursuit of delivering an end to end solution for next generation AI-powered automation and app development across a broad range of industries.”
– Jishnu Bhattacharjee, Managing Director at Nexus Venture Partners