JIFFY.ai, the US and-India based no code automation platform, on Wednesday said it has raised $53 million (Rs 408 crore) as part of its Series B funding round led by Eight Roads Ventures.
New investors Iron Pillar and R-Squared, and existing investors Nexus Venture Partners, Reaction Capital and Rebright Partners participated in the funding round, JIFFY.ai said in a statement.
The startup plans to use the fresh capital to boost its sales and marketing efforts and to strengthen its platform.
JIFFY.ai, which was launched in 2018 as the go-to-market brand from its parent Paanini Inc, is an automation platform that employs the cognitive capabilities of no-code based software development, intelligent document processing, natural language processing, robotic process automation (RPA), machine learning (ML), and artificial intelligence (AI) to power the next generation of enterprise applications.
“This funding will advance our mission to help build autonomous enterprises of the future by applying artificial intelligence and automation to transform enterprise operations,” said Babu Sivadasan, Co-Founder and CEO, JIFFY.ai, in the statement.
“We are focusing on strengthening our intelligent automation platform which will enable organizations to compose, configure, monitor and maintain themselves as autonomous enterprises," he added.
Prior to this funding, JIFFY.ai raised $18 million (Rs 135.6 crore) in its Series A funding round led by Nexus Venture Partners in 2020.
Shweta Bhatia, Partner and Head of Technology Investments India, Eight Roads Ventures, noted in the statement that the automation of business processes has become an integral pillar of the digital transformation agenda of enterprises, especially post pandemic.
"JIFFY.ai’s AI-driven approach to automation is unique with an integrated, modular, and intelligent solution that has proven superior alongside a faster and more sustainable ROI (return on investment)," added Bhatia.
Consulting firm Gartner has predicted that the needs of business-driven hyper automation will be one of the top three drivers for low-code adoption through 2022, the statement said.
Software-as-a-service (SaaS)-based no code/low code platforms have gained traction among investors.
In December, Hevo Data, Inc., a no-code data integration platform, raised $30 million in a Series B funding round led by Sequoia Capital India.
Earlier this year, PulsOps, no-code observability and analytics platform for high-velocity operations teams, raised an undisclosed sum in pre-Seed funding from Antler India.