Nowadays tech is what makes the world go round. Companies are keeping up with demand by continually fundraising so they have the resources to create innovative products that make our lives more convenient.
Aisera and Rapid API are two firms that have recently completed fundraising rounds to help them take the next steps in expansion. Read on to find out what you can expect from them in the future.
The tech world is seeing a boom in Application Programming Interface (API) Technology as organizations are saying goodbye to microservice based applications and focusing on splitting apps into smaller, more functional components to increase agility and efficiency. In doing so, they must turn to third parties to avoid having to develop the necessary technology from scratch.
Rapid API is that third party.
Founded in San Francisco in 2014, Rapid API helps developers connect to thousands of public API’s providing them with the means to access a wealth of data and perform innumerable tasks. The company is also responsible for Enterprise Hub, a white label version of Rapid API that helps businesses build marketplaces for external and internal API.
Rapid API has successfully closed a funding round of $63 million which followed a $50 million series B from last year. They plan to invest in key areas based on the feedback of their enterprise customers.
Their focus will be on continuing to grow the Rapid API Enterprise Hub to include additional tooling. They will be adding capabilities such as API security for a seamless integration between the API Marketplace and Enterprise Hub products. They will also be adding support for new API types while facilitating multi-cloud and multi-gateway integration.
According to a 2018 McKinsey survey, 66% of executives have identified closing the automation and digitization skills gap as a top priority. As a result, small and medium sized firms are expected to adopt business workflow automation at scale.
Aisera offers a multi-faceted approach for companies looking to reduce the skills gap by offering a service that integrates with existing enterprise apps to auto-complete products and workflows. It claims its platform resolves issues through a combination of robotic process automation, reinforcement learning and conversational ASI. The platform is also said to detect patterns to predict service disruptions before they occur.
The company allows customers to choose from their prebuilt workflows and intents designed for HR, IT, sales, facilities and customer service applications. Their platform offers innovative dashboards and reports for auditing with auto resolution networks and AI that provides clients with articles that offer information relevant to their given industry.
Aisera has recently announced the closing of a $40 million funding round. This will bring its total raised up to $90 million. The funds will be used to support product expansion and deployment as well as marketing and software development.
As the process automation market grows, Aisera faces stiff competition and many of its competitors have successfully completed substantial funding rounds as well. However, the company has seen a 300% growth rate every year and has a base of over 65 million users including several new enterprise customers. We’d say they’re in pretty good shape.