SaaS startup Autologyx has received over £1.5m in pre-Series A investment.

The round was supported by Beacon Capital alongside existing backers.

New investors included Angel CoFund and Richard Hargreaves, which will also join the intelligent robotic process automation business as a non-executive director.

Ben Stoneham, CEO and founder of Autologyx, said: “Many companies are just beginning to explore robotic process automation (RPA) technology and realise it has far more benefits than simply cost savings. We see that iRPA not only enables teams to focus on the more ‘strategic’ parts of their roles but also allows them to catalyse and implement Innovative ideas resulting in rapid and inexpensive trialling of new concepts such as gamifying employee engagement programmes.

“We are making process innovation a reality for clients and a perfect example is where we deployed our platform with machine learning to deliver a cutting-edge solution for a globally renowned law firm to improve the triage process of legal matters at scale.”

Stephen Bullock, chairman of Autologyx and serial tech investor, added: “UK investors have played a key role in the RPA industry to-date and been rewarded accordingly; pioneers Blue Prism are now valued at over £800m on AIM and autologyx aspires to follow their path to success.”

Autology’s proprietary Fabric Automation platform leverages machine learning and artificial intelligence to enable enterprises to take control over their legacy systems.

Tim Mills, investment director at AngelCoFund, spoke about the company’s potential: “Autologyx is using robotics – machine learning and artificial intelligence – to automate everyday business processes and therefore make companies more efficient. This is truly the stuff of the future, and an exciting prospect for any investor looking to be a part of the next wave of business innovation.

“The interest the company has garnered from investors is credit to its pioneering position in the space and we’re delighted to be on board with Autologyx for this exciting stage of their journey,” he concluded.

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