Alchemy Launched in 2017, it had the goal of helping financial services companies automate non-routine tasks, using lightweight RPA to capture data from emails and spreadsheets and eliminate a lot of copy/paste activity.
Recently, the company has developed a way for a wider range of customers to create their own automation and connect to any data sources based on their own work. They called this automation creation tool Pattern Studio.
Today, the company raised $21 million in Series A.
According to the company’s founder and CEO, Harald Collett, Pattern Studio completely changed their focus from making something for customers to automating their work based on their own workflows.
We’ve taken the streamlined automation we do for our customers and put a tool called Pattern Studio in the hands of business users…so they can define and deploy their knowledge of the business logic of the data into our software. An automation to the data inbox themselves,” Collette told TechCrunch.
While he says his idea is to enable business users to create automation without a lot of IT support, he says his company is implementing workflows using advanced machine learning on the back end. Or anything that is built on a series of repetitive tasks to gather investment information or complete a job.
This ability to build a workflow is something any company can use. “We started with financial services. It’s a data-intensive vertical, but the tools and products we’ve built work across all verticals.
The approach seems to work. The company reported that 45 million actions were taken through the platform, and revenue grew a solid 300% in the first 12 months, with the startup on track to double revenue this year.
In the year When we spoke to Collette in early 2020, when he raised $5 million in seed funding, he had 7 employees. It has since added 30 and will continue to hire based on this new investment. Finding the right experience is a big part of the hiring process, but he says diversity is essential to the success of the business.
“Because of the domain we’re in, we’re retaining a lot of experienced hires, and there’s a strong focus on building a diverse team that reflects our users and the business, which is incredibly diverse across all different verticals and use cases. And we need to emphasize diversity in our hiring efforts,” he said.
Today’s round was led by Intel Capital with participation from existing investors Canaan, Workbench and SimCorp. Under the terms of the agreement, Intel Capital Investments Director Dave Mueller will become a member of Alchemy’s board. The company has now raised a total of $26 million.
