Tray.io: $50 Million Funding At Over $600 Million Valuation

By Dan Anderson ● November 29, 2019
  • Tray.io, a company that built a General Automation Platform, announced it raised $50 million in Series C funding

Tray.io — a company that built a General Automation Platform which enables citizen automators in any business role to build enterprise-class integrations and automation in a low-code environment — announced that it raised $50 million in Series C funding. This funding round was led by Meritech Capital. Spark Capital, GGV Capital, and True Ventures also participated in the round over their pro rata amounts.

“This is a clear confirmation that the automated organization is the future of work for the enterprise. Over time, we’re seeing successful firms drive impressive growth by shifting from a scattershot, ad hoc technology mindset to building an automated central nervous system,” said Tray.io CEO and co-founder Rich Waldron. “We’ve seen general automation act as the new growth engine for rapidly-growing companies as they solve integration challenges and scale operations with low-code general automation. That’s why we’re doubling down on hiring the best team in the world, including veteran executives from ServiceNow and Duo to serve our incredible customers so we can continue to earn the world-class customer ratings they’ve awarded us.”

In the past year, Tray.io saw record-breaking revenue growth as its bookings grew by over 500% — which beat quarterly sales targets two years straight. And the company saw increased adoption from enterprises and rapidly-growing firms with adoption by industry leaders such as VMWare, Pearson, and Udemy joining SAP, Arrow Electronics, Lexmark, and New Relic. Plus the company also expanded talent in North America and Europe by 3x overall in every area year-over-year across sales, marketing, customer services, and development.

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There are over 300 new connectors , connector updates, and product enhancements, including to SAP S/4HANA and Qualtrics, Ellucian, Magento, Microsoft PowerBI and Azure, Okta, and OneLogin as well as powerful new automation features around error handling, version management, team collaboration, low-code automation building, and the introduction of Tray Embedded that enables ISVs to add general automation to their own platforms.

Tray.io also has fast-growing partnerships across lead management, customer engagement, customer data platforms, collaboration, including DropBox, Drift, Segment, Zendesk, Salesloft, Copper, Qualtrics, Intercom, and Marketo.

“General automation is showing nonstop momentum in a marketplace that’s hungry for integration support and efficiency lift,” added Alex Kurland of Meritech Capital. “The need to provide cohesive customer experience across the entire buying journey demands ongoing digital transformation. To scale with the exponential increase in software and customer data, companies need to take full ownership of their data with general automation. Not just in IT, but for line-of-business roles across the entire organization. There’s no limit to the upside for general automation in today’s marketplace, and Tray.io is the undisputed leader in the category.”

This round of funding will support strategic hiring across its entire team as well as continuing investment into product development.