JIFFY.ai, the US and -India based enterprise automation startup, has raised $18 million (Rs 135.6 crore) in its Series A funding round led by Nexus Venture Partners.
Rebright Partners and W250 Venture Fund also participated in this funding round, JIFFY.ai said in a statement.
A number of business leaders led by Sri Viswanath (CTO of Atlassian), Richard Galanti (CFO of Costco), Charles Goldman (CEO Assetmark), Tony Thomas (former CIO Nissan Motors), Jim Brady (former COO at Grant Thornton) and Bob Ward (former COO at Sungard Wealth and Retirement) also pooled in the capital, it added.
JIFFY.ai, which was launched in 2018 as the go-to-market brand from its parent Paanini Inc, will use the funds to expand its team and customer base and product development.
The startup says it is an AI-first, integrated automation and app development platform with a focus on the fintech industry. It says it is uniquely structured in that it has 20 co-founders including fintech and enterprise software veteran Babu Sivadasan.
In India, it has offices in Bengaluru, Cochin and Thiruvananthapuram. The majority of its over 150 employees are based in Bengaluru.
JIFFY.ai has launched its first unified automation and no-code app development platform for finance and operations.
With the launch of the platform, JIFFY.ai combines the power of robotic process automation (RPA), deep document processing and native cognitive (AI/ML) capabilities into a single integrated platform with built-in enterprise-class security, it explained.
Nearly every company in the world will be using robotic process automation in some form within the next five years, as companies gear to automate operations, the statement said citing a Deloitte finding.
The homegrown domestic VC firm was founded by Naren Gupta, Suvir Sujan and Sandeep Singhal in 2006. It had raised $100 million in its maiden fund in the same year, $220 million in its second fund in 2008, and $270 million in its third fund in 2012.
In 2015, the early-stage investor became the first homegrown venture capital firm to cross $1 billion in assets under management after raising $450 million for its fourth and largest fund.
The VC firm was inching close towards the final close of its fifth fund last year.
Nexus has invested in over 75 startups focusing on consumer retail, business services, healthcare, education and enterprise technology, according to its website.
A large part of Nexus’ portfolio comprises startups based in the US having some Indian presence. The US team is led by co-founder Gupta.
Earlier this week, Nexus led a Series A funding in inter-city transportation and mobility platform operator Yolo.