From digitizing medical intake forms to automating data transfers, these RPA companies signal what the future of software automation might look like.
Enterprises are turning to robotic process automation (RPA) to help automate repetitive software tasks like data entry, document processing, and more as a lever to cut costs and boost efficiency.
Despite a slowdown in funding activity in the first half of 2020, RPA services — an estimated $7B global market — are continuing to gain attention as their range of potential use cases expands.
However, most RPA startups are focusing on niche areas like IT automation (Glassbox), physical process capture (Hyperscience), and cognitive process automation (Pryon). The broadening of the RPA ecosystem has also generated demand for supporting services like those offered by Celonis, including helping RPA users with compliance and implementation.
Using CB Insights data, we identified 40+ startups redefining the RPA landscape and using our Market Map Maker we created this RPA market map.
Cognitive process automation (CPA): CPA companies automate knowledge work and search-intensive tasks like data lookup, language interpretation, and generating analytics reports. Companies offering these services, like New York-based WorkFusion (with $119M in total disclosed funding) and Beijing-based Turing Robot ($69M), target industries including financial services, retail, and telecommunications.
Other companies in this category, like Pryon and Caremerge, focus on getting the right information in front of workers at the right time, streamlining decision-making processes, and keeping employees in the loop of ongoing analytics processes.