Camunda is a process automation platform that enables developers to design, automate and improve processes, as well as provide better customer experiences, deliver projects faster, and increase business agility.
Camunda raises fresh funding
In a recent development, the Berlin-based open-source software provider has raised €82M in a fresh round of funding led by global venture capital, Insight Partners. The round also saw participation from existing investor Highland Europe.
With this investment, Matt Gatto, managing director at Insight Partners, will join the Camunda Board of Directors.
Speaking on the development, Jakob Freund, CEO & co-founder of Camunda, says, “This investment, along with Insight Partner’s expertise in scaling world-class software companies, will support our global go-to-market strategy, drive product innovation even faster and help build our leadership position in a quickly evolving process automation market.”
What services does Camunda offer?
Founded in 2008 by Bernd Ruecker and Jakob Freund, Camunda offers software for process automation that is standards-based, scalable, and collaborative for businesses and IT companies.
The company’s software helps businesses to design, automate, and improve their processes end to end. By doing so, it claims it enables organisations to increase their business, improve customer experiences, and provide a faster time-to-value. In addition, it also helps businesses to go digital as well as organise processes across different technologies, systems, infrastructures, people, and devices.
Camunda’s clients include market leaders such as Allianz, ING, Intuit, and Vodafone.
Utilisation of funds
According to the company, “Funding will accelerate Camunda’s market momentum toward hyper-automation and the increasing urgency to automate everything that can be automated; generating greater demand for cloud-native, open, end-to-end process automation solutions.”
The hyper-automation market has seen tremendous growth over the past few years. However, after the Covid-19 pandemic, businesses are now adopting automation in order to cut down on operational costs and keep the business running. Reportedly, the global hyper-automation market size was valued at $492.1M (approx €412.6M) in 2019 and is forecasted to reach $22.84B (approx €19.1B) by 2027 at a CAGR of 18.2 per cent.
With such demand, the process automation adoption propelled Camunda to its best-ever year in 2020 despite global market challenges, claims the company. The company’s growth was driven by a large list of customers including Atlassian, Desjardins Group, Deutsche Telekom, Priceline, and Santander.
The company recently launched an expanded global partner program which includes more than 100 partners around the world.
In 2020, Camunda advanced its first-to-market Process Automation as a Service offering – Camunda Cloud – and delivered multiple product releases, including an RPA modernisation solution to help companies get control of their fragmented and fragile RPA bot implementations.
In addition, the company has also hosted scores of virtual community events and meetups throughout the year, headlined by two CamundaCon LIVE global user conferences, which together brought more than 10,000 participants.