EvoluteIQ AB, a Stockholm-based startup founded by Indian entrepreneurs that offers an enterprise-level automation platform, said Thursday it will expand its R&D centre in Bengaluru as part of its international expansion after raising $53 million (about Rs 467 crore) in fresh funding.
The startup secured the growth capital from Baird Capital, the private investment arm of Robert W. Baird & Co, it said in a statement.
It will deploy the funds across three key areas–hiring sales and marketing teams globally, investing in R&D innovation in the agentic AI space, and to drive acquisitions, the company said.
EvoluteIQ said it is planning a “significant expansion” of its operations in India, where it houses its largest R&D centre in Bengaluru. It also intends to hire top talent and scale the team.
“India has been instrumental in our journey, providing the technological backbone of innovation for our global success,” said Sameet Gupte, the London-based co-founder and CEO of EvoluteIQ.
EvoluteIQ operates an AI-native enterprise automation platform which combines process orchestration, data integration, and GenAI-driven decision-making into a low-code environment to enable end-to-end automation of processes.
The company was founded in 2019 by Sameet Gupte, Sanjay Koppikar, Deepak Kinger, Arun Hiremath, and Naveen Prabhu. It operates in areas such as banking and financial services, insurance, healthcare, telecommunications, and manufacturing by orchestrating complete end-to-end business workflows. Besides Bengaluru and Stockholm, the company has a presence in London, New York and Menlo Park, California.
The latest funding round comes almost a year after it secured $20 million in equity and debt led by Round2 Capital, with participation from Nordea Growth Fund, DCAP Select and PH ventures.
