BERLIN-BASED STARTUP Workist BAGS $9 MILLION TO AUTOMATE B2B TRANSACTIONS
Getting around and processing paperwork has long been a tedious and inevitable part of a business. But as sectors digitize, much of this admin work is still carried out manually which takes a lot of time, hence, Berlin-based startup Workist wants to automate this process in order to have it fit for the digital era.
To help the admin sector transit to digital, the startup has just secured a fresh capital injection of $9 million to bring the product to the limelight even as it plans to expand, by taking its automation tool to global B2B companies.
‘Tim Wegner’ said: “Similar to the steam engine in the 18th century, AI will lead to a veritable explosion in the automation of human labour – but this time of office work. With Workist, companies can significantly increase their efficiency and leverage the potential of AI today”.
The fresh fund believe to be the company’s Series A funding was backed by Earlybird Venture Capital. Taking Workist’s total fund-raised to $12 million, counting 468 Capital, LEA Partners, and another.vc as backers.
The latest investment will be used to enhance the product and technology team, and also expand the range of applications.
AUTOMATING B2B TRANSACTION
Workist team is on a mission to automate all the document processing aspects of B2B transactions, owing to the fact that Workist’s AI software, WorKL, can understand business documents such as purchase orders, invoices, and delivery bills, and automatically processes all vital information to fully automate commercial transactions.
The subject transactions (B2B), notably incoming orders, for example, which forms the basis for global trade, are steadily on the increase. Yet, even now, these are still heavily dominated by manual work. Germany as one of the European markets is daily faced with the burden of manually typing data from incoming documents from a range of platforms such as Excel spreadsheets, PDFs, e-mails, and faxes into internal IT systems by thousands of people.
This is really time-consuming and costly, based on reports – $270 billion is spent worldwide every year. While on the other hand, lack of personnel and shortage of skilled workers are demanding ever greater automation of business processes.
Startup Workist which has grown over 50 customers and seven-figure revenue in just two years is poised to change this process by using AI to enhance automation while making business processes more efficient and cost-effective.
‘Alexander Müller’ and ‘Dr. Fabian Brosig’, added: “With Workist’s solution, incoming documents can be processed completely automatically and without manual typing, regardless of the format. Workist fits elegantly into existing processes and is compatible with all common enterprise IT systems, creating a kind of intelligent link between ERP systems at different companies”.
Currently trusted by a number of companies, the likes of Deutsche Bahn, Zentis, PepsiCo, and Brennenstuhl are said to be using Workist’s product even as the company enhances the subject product, and technological team and expand the applications.
‘Dr. Andre Retterath, Partner at Earlybird: “The increase in international trade transactions between companies so far has always led to an increase in tedious, repetitive manual work. The Workist team is poised to change this and replace manual document processing in B2B transactions, fundamentally changing the way businesses interact globally. Workist explicitly targets the often overlooked small and medium-sized companies that are global market leaders and sell their products internationally. We look forward to seeing how Workist revolutionizes the way businesses communicate with each other”.
- What’s your take on startup Workist mission?
Trade Reroute I am just knowing it for the first time but I will really like to invest in it for growth and profit maximization
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