By Aditya Soni
Oct 22 (Reuters) - UnifyApps, a startup that connects corporate systems with AI technology to automate routine tasks such as claims processing, has raised $50 million in a WestBridge Capital-led funding round and named early investor Ragy Thomas as chairman and co-CEO.
The Series B round, announced on Wednesday, valued the startup at around $250 million, a source familiar with the matter said. The round, which included participation from investors such as ICONIQ, brings the company's total fundraising to about $81 million.
Founded in 2023, months after the launch of ChatGPT ignited the generative artificial intelligence boom, UnifyApps describes itself as an "enterprise operating system for AI" that connects systems such as Salesforce and Workday to large language models and feeds the results into employees' tools to automate tasks.
Its customers include home improvement retailer Lowe's Companies LOW.N, India's HDFC Bank and Germany's Deutsche Telekom. Clients use the software to automate HR tasks, speed up claims processing and optimize supply chains, the company said.
UnifyApps said its revenue has risen more than sevenfold year over year, without disclosing the exact figure or the period. The company competes with automation tech developers such as UiPath PATH.N and privately held Automation Anywhere as well as AI agents from large technology companies, including Microsoft MSFT.O.
Demand has been growing for such tools as businesses rushing to adopt AI technology struggle with high failure rates. A study by MIT earlier this year showed that about 95% of AI projects showed no returns on investment for the companies in the survey.
Thomas, an enterprise software veteran who founded U.S.-listed Sprinklr CXM.N, told Reuters that UnifyApps' advantage is it was purpose-built for AI, unlike rivals adapting older platforms. He will serve as the startup's co-CEO along with co-founder Pavitar Singh.
UnifyApps will use the funds to expand its around 400-strong team by 110 employees, expand in Europe and accelerate platform development.
(Reporting by Aditya Soni in Bengaluru; Editing by Shilpi Majumdar)
((Aditya.Soni@thomsonreuters.com;))