By ET Bureau - June 12, 2020 4 Mins Read
The 150-person team is using proven expertise to improve efficiencies 10X, while launching new Foundation to proactively solve for job displacement from automation
JIFFY.ai, the first-ever unified enterprise automation innovation company structured to have a lasting social impact over the next several decades, today launches to help enterprises optimize business functions, focused on finance and operations. Over the last eighteen months, JIFFY.ai has built a team of 150 global employees, and a customer base of over 20 enterprises. The company has raised $18M in Series A funding led by Nexus Venture Partners with participation from Rebright Partners, W250 Venture Fund (founded by alumni of the Stanford Executive Program) and a number of C-level business leaders led by Sri Viswanath (CTO of Atlassian: TEAM), Richard Galanti (CFO of Costco: COST), Charles Goldman (CEO Assetmark: AMK), Tony Thomas (former CIO Nissan Motors: NSANY), Jim Brady (former COO Grant Thornton) and Bob Ward (former COO Sungard Wealth and Retirement).
The company is pursuing a responsible path to AI innovation and the new funding will be used to deliver on its vision, grow the team further and scale its product roadmap and existing customer base which already comprises Fortune and Global 1000 companies.
According to Deloitte, nearly every company in the world will be using robotic process automation (RPA) in some form within the next five years, as attempts to automate manual tasks in verticals like operations, HR, and accounting have fallen short. Gartner also estimates that by 2024, low-code application development will be responsible for more than 65% of application development activity.
With deep expertise in AI, Natural Language Processing, Fintech and automation, JIFFY.ai has evolved its core product to make complex process automation and application design available to enterprises in just a few clicks. Unique to its technology is that it sits on top of legacy systems dependent on manual entries which tend to be slow and heavily error prone. With the latest release, JIFFY.ai combines the power of RPA, deep document processing and native cognitive (AI/ML) capabilities into a single integrated platform with built-in enterprise class security. The key features of JIFFY.ai include an easy-to-use design studio for no-code application development, a cognitive workbench and a configurable analytics dashboard to monitor the automated processes with a human-in-the-loop interface.
“Our goal is to set a new standard for business at the intersection of entrepreneurship and innovation,” said Babu Sivadasan, CEO and co-founder of JIFFY.ai. “Across our entire team, we’re dedicated to tackling the effects of automation on the workforce, not just by accelerating the path to profit for businesses, but also through our foundation arm, we’ll invest in programs to re-train and up-skill workers whose jobs may be displaced.”
“From automating processes in revenue accounting and supply chain and eventually to our operating groups, we are constantly trying to improve our capabilities to help us achieve our vision of becoming the world’s most loved, most efficient and most profitable airline,” Angela Marano, Managing Director, Business Transformation, Southwest Airlines. “Jiffy.ai has been a strong partner since 2019 in helping us begin our automation journey – starting with RPA and moving towards achieving the full value of intelligent automation. This is an increasingly important part of our overall strategy as we embrace the rapid pace of change and desire to free up our People to focus on the highest value activities.”
JIFFY.ai is uniquely structured with 20 co-founders, 70 percent of whom come from the c-suite level or have previous founder experience, with a team that has successfully led Stamps.com and Envestnet to IPO with a combined market capitalization of more than $5B.
With a focus on creating lasting social impact and improving the lives of workers whose livelihoods have been affected by automation, the company’s largest equity shareholder is its non-profit organization, Paanini Foundation. The Foundation, which will offer job training and placement assistance programs for people impacted by automation in the workplace, will announce new partnerships and program details in the coming months as it tackles demands from its corporate partners and existing client base.
“JIFFY.ai is set to make enterprises vastly more efficient and will enable use cases not possible before,” said Jishnu Bhattacharjee, Managing Director at Nexus Venture Partners. “We are thrilled to partner with Babu and team in their pursuit of delivering an end to end solution for next generation AI-powered automation and app development across a broad range of industries.”
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