Confidus Venture Capital increases investment in EvoluteIQ, a platform-based hyperautomation enablement company, on the back of robust revenue growth driven by multiyear license subscriptions
LONDON, Jan. 6, 2021 /PRNewswire/ -- Confidus Venture Capital AB has more than doubled its investment in EvoluteIQ, a company that drives digital transformation by leveraging it's end-to-end Enablement Platform for hyperautomation called e.IQ.
The e.IQ technology combines the capabilities of low-code / no-code, iBPMS, AI, ML, Analytics, IoT, RPA Integration, OCR, Blockchain and data processing on a single integrated platform.
The additional infusion of funds is driven on the back of significant growth in the adoption of the e.IQ platform by global enterprises across multiple industries. With organizations investing significantly in the digital transformation and end-to-end automation, there has been an increased demand for an integrated platform like e.IQ.
Peter Dahlgren, Founding Partner of Confidus and Chairman of EvoluteIQ, said, "As a fund, we are actively investing in the Digital Automation Revolution that is taking place and confident that hyperautomation will become an essential part of doing business for all large enterprises. We are very impressed with the milestones EvoluteIQ has achieved in terms of Clients, Technology R&D, Strategic Partnerships, recurring license revenue and profitability in such a short duration. We will continue to partner strongly with EvoluteIQ to help it scale and intend to participate in further investment rounds as the company grows".
EvoluteIQ, CEO Sameet Gupte said, "This additional investment from Confidus further endorses the confidence in the team and the technology. We will be using these funds to invest in R&D and also explore potential product/platform acquisitions that could complement our platform roadmap and help bring new features to our customers."
Fueling EvoluteIQ's scale up ambitions are large multiyear subscriptions won by it recently. The platform has been used to launch a product for IBOR/LIBOR transition for Financial Institutions, it has enabled a leading Utility Company to achieve regulatory compliance within 10 weeks with GBP 400 Million worth of claims processed and enabled AI-led automation of invoice processing for a large Nordic conglomerate. e.IQ platform also powers the industry first domain-led hyperautomation suite for a leading Tier-1 BPO Company.
EvoluteIQ is a privately held company that was carved out in 2019 from a global technology group that was established in 2007. The core platform has been built over the years with a vision to be the enablement platform of choice for all the hyperautomation initiatives globally and to build hyper apps that leverage existing technologies within an organization.For more information on EvoluteIQ , visit: www.evoluteiq.com and www.evoluteiq.com/platform/
About Confidus Venture Capital
Confidus is a niche Venture Capital fund based out of Stockholm, Sweden focused on investing in future winners in digital transformation and automation. With an exclusive approach Confidus works alongside founders and management teams of businesses that combine long-term transformational potential with solid short-term impact. With a strong focus on business fundamentals, we help our portfolio companies accelerate growth and realize their full potential.For more information, visit: www.confidus.com
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Chief Strategy Officer for EvoluteIQ