Imagine having a personalized robot on your computer that you could delegate all your mundane, boring, every-day tasks to? Well, that’s a reality ever since Softomotive was established in 2005. This London startup was founded on the belief of democratizing RDA (robotic desktop automation) by enabling everyone to have their own personal robot on their computer to help them manage their workflows. Since 2005, Softomotive has expanded its horizons and is now on the forefront of RPA (Robotic Process Automation), which is considered a key driver that will define the future of the workplace. A recent study from Bain indicates that automation will fuel an economic boom for the next 10 -15 years, far disruptive than anything we have seen in the last 60 years. Enterprises are seeking to invest in automation and this newest wave will stimulate further investment estimated to be $8T.
LondonTechWatch had the chance to chat with CEO Marios Stavropoulos about the RPA basics that everyone needs to know, why there is so much buzz and anticipation around this game-changing technology, and the company’s recent round of funding.
Who were your investors and how much did you raise?
Grafton Capital invested $25M in our Series A funding.
Tell us about the product or service Softomotive offers.
WinAutomation is the world’s best Robotic desktop automation (RDA) tool and provides a powerful, robust, and easy to use Windows-based platform for building software robots.
ProcessRobot is a leading enterprise Robotic Process Automation (RPA) platform, including enterprise-grade security and controls, with links to best-of-breed AI technologies.
What inspired you to start Softomotive?
Softomotive was launched back in 2005. We started with WinAutomation, which is our desktop robotic product with a strong belief in the democratization of RDA – which essentially means everyone should have their own personal robot on their computer in very much as everyone has Microsoft Word installed. This remains our vision even today and it is fast becoming a reality.
Will there be new human jobs created as a result of more RPA devices being deployed? If so what do you think they will be?
This is a moot point – obviously, there is a big debate in the press about robots taking over the world and everyone fearing for their jobs. And the fact is that the RPA technology is designed to automate manual, repetitive, rule-based processes. However, it is important to understand that there are two types of RPA, both attended (robots interacting with humans) and non-attended (robots acting independently).
In some circumstances, particularly in the back office, some jobs may be lost. On the contrary, the attended RPA is intended to augment the workforce to free up people so that they can concentrate more on value-added activities. It is a balancing act, whilst some jobs may be lost, RPA technology is opening up a brand-new industry which will support the creation of many new jobs from RPA developers to architects.
Nor should RPA be confused with AI. These are separate technologies and in fact, most of the hype is around AI and job losses.
How is Softomotive different?
Softomotive is one of the leading worldwide providers of Robotic Process Automation solutions, trusted by more than 8K companies worldwide.
Softomotive makes it easy for enterprises to adopt a pragmatic, agile approach to process automation; namely to start small, learn quickly, and scale seamlessly. By doing so, we provide the best gateway to process automation by providing the smoothest RPA journey.
Our goal is to empower everyone to unlock their full potential by having their own robot to put mundane, routine parts of their work on autopilot.
Our goal is to empower everyone to unlock their full potential by having their own robot to put mundane, routine parts of their work on autopilot.
Both attended and unattended RPA are delivered through powerful, robust RPA technology from desktop installation to server-based enterprise automation which is quick to deploy, easy to use, and provides the best value for money.
What market is Softomotive targeting and how big is it?
The business world has woken up to the huge potential of RPA to improve performance by automating, repetitive, time-consuming tasks. Often, this need is generated by the existence of stand-alone legacy systems which are business-critical but expensive and difficult to replace. Interest has peaked as RPA is increasingly seen as a keystone of digitisation, which is top of most management agendas. According to P&S Market Research (May 2018), the RPA market is expected to reach $8.6B by 2023, growing at a CAGR of 36.2% during 2018-2023.
Much of this market growth is across all industries and business functions. The US market is the largest and the most mature but other regions are rapidly gaining ground.
What’s your business model?
We create and develop leading core RPA technology, supported by an extended ecosystem, including integrations with best of breed AI solutions like IBM, Google, and Amazon. We have a combination of a direct sales model and a growing partner network as well.
What was the funding process like?
Whilst it was an intense three-month period, the process went very smoothly. Our new partner Grafton Capital, went to great lengths during their due diligence to get to know us as a firm and also spoke to a large number of our existing clients and other key stakeholders.
What are the biggest challenges that you faced while raising capital?
Finding the right partner and keeping an eye on the business while focusing on the needs of the funding process.
What factors about your business led your investors to write the check?
Without a doubt, the fact that they spoke extensively to our existing clients and they all said that Softomotive has the best RPA technology, even compared to some of our better-known competitors. It helps that the RPA market itself is growing exponentially which makes it a great market to be in.
Without a doubt, the fact that they spoke extensively to our existing clients and they all said that Softomotive has the best RPA technology, even compared to some of our better-known competitors. It helps that the RPA market itself is growing exponentially which makes it a great market to be in.
Also a belief in our future goals which include disrupting the existing RPA market, building market leadership in the medium size segment and in the democratization of RPA.
What are the milestones you plan to achieve in the next six months?
Finalizing the move to London as our new headquarters, growing our existing offices and opening offices in new locations to grow our global footprint. As well as to accelerate the development of our product roadmap.
What advice can you offer companies in London that do not have a fresh injection of capital in the bank?
To remain focused on building a strong, world-class business with a clear differentiation and one that is close to customers.
Where do you see the company going now over the near term?
Basically to deliver on our business plan, so the focus is very much on execution and growing a global business.
What is your favorite London pub to grab a pint with the team?
Open to suggestions since we just moved to our new offices near Liverpool Street station!
