- AI-enabled Process Discovery and Operational Intelligence company Skan announced it has raised $14 million in Series A funding. These are the details.
AI-enabled Process Discovery and Operational Intelligence company Skan announced it has raised $14 million in Series A funding. Cathay Innovation led the new investment. And other investors participating in the round include Citi Ventures and existing investors Zetta Ventures, Bloomberg Beta, Plug and Play Ventures, and Firebolt Ventures. Simon Wu of Cathay Innovation will join the board of directors.
Skan — which was co-founded by serial entrepreneurs and digital transformation veterans Avinash Misra and Manish Garg — is the leading enterprise process discovery and monitoring platform for enterprises. And Skan’s Operational Intelligence Platform offers cognitive process discovery and real-time process insights that the world’s leading financial services, healthcare, and media organizations need to understand, map, and plan their digital transformation and automation efforts.
Through the combination of Process Data Science and Computer Vision, Skan synthesizes the digital traces of all human and screen interactions to uncover how work and processes such as underwriting, sales, customer onboarding, servicing, claims, invoicing, and fulfillment get done in an organization.
Skan’s customers include large enterprises collectively investing billions of dollars in digital transformation endeavors with limited ROI. And Skan’s AI-powered platform provides visibility and transparency into processes and operations and functions as a foundation for digitalization.
This new investment will be used for funding Skan’s commercial expansion of its innovative AI-driven process discovery and monitoring solution and expand its product, sales, and customer success teams. And the funding will accelerate Skan’s vision to be the foundation for enterprise digital transformation.
“According to McKinsey & Company’s latest analysis, over 80 percent of digital transformation projects fail to realize their full potential. From our experience, one of the root causes is the gap between how we think work gets done in the enterprise vs. how it works in practice. We realized that without understanding processes, their variants, and the resulting operational intelligence, any intervention such as digitalization, automation, and optimization are futile. We are grateful for Cathay Innovation, Citi Ventures, and our existing investors for their support in our mission.”
— Avinash Misra, Co-Founder, CEO of Skan
“Skan is filling a significant gap in the market as the launchpad for digital transformation. Skan’s technology not only utilizes computer vision to provide a holistic view of how work is done, but it does so in a secure manner that enterprises trust with their mission-critical data. We’re looking forward to joining the mission to revolutionize work within the enterprise and enable operational leaders to optimize processes.”
— Simon Wu, Investment Director, Cathay Innovation
“2020 has accelerated the digital transformation of large enterprises, especially in the financial services sector, while simultaneously placing a greater focus on improving productivity. Skan’s innovative process discovery and operational intelligence platform is uniquely positioned to serve the future of the financial services sector, and Citi Ventures is excited to support their growth story.”
— Matt Carbonara, Managing Director of Citi Ventures.