The company will invest in international expansion, service innovation, sales and marketing.
SnapLogic, developer of automated business solutions, raised $165 million in another funding round. As a result, the fintech company’s valuation reached USD 1 billion.
The main investor is Sixth Street Growth. The company did not disclose round participants. Previously, the platform was sponsored by Arrowroot Capital, Golub Capital, Andreessen Horowitz, Vitruvian, Capital One, Ignition Partners, Microsoft Corporation and others. SnapLogic has raised $373 million since its founding in 2006.
SnapLogic’s unified platform as a service (iPaaS) was developed using artificial intelligence technology. The iPaaS platform helps enterprises integrate and automate business processes across applications and systems. The SnapLogic service “provides a 7x performance increase over alternatives,” the company said.
Several thousand companies have become corporate clients, including Adobe, Aramark, Dannon, Box, Emirates, Qualtrics, AstraZeneca, Schneider Electric, Siemens, Workday. The platform operates in more than 10 countries around the world: US, India, Australia, UK and others.
Funds raised in the investment round will be used to accelerate international expansion, innovation in services, sales and marketing, according to a press release.
Similar automation services in global markets are offered by Salesforce, ServiceNow, Tray.io, Workato, Blue Prism and IBM.
“Unlike the competition, our focus on enterprise will allow us to unleash the power of apps, data and APIs. In a post-pandemic world, our customers will use artificial intelligence and automation to revolutionize their hybrid systems. With SnapLogic, hybrid and multi-cloud enterprises can ensure that their large investments in cloud services, SaaS, cloud storage and APIs pay off,” said SnapLogic CEO Gaurav Dillon.
As a reminder, investors last week valued Tipalti’s b2b platform at $8.3 billion. The startup raised $270 million for new service development and international expansion.
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