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Toronto, California-based Daylight, formerly FormHero, today announced it has raised $12.3 million in a series A round led by RTP Global, Bessemer Venture Partners, and Golden Ventures, with participation from Golden Ventures. The company says the funds, which bring its total raised to $14.56 million, will be used to support go-to-market activities and expand the capabilities of its automation platform.
A growing number of businesses are investing in tech-powered solutions to minimize repetitive office processes. In a 2020 McKinsey survey, 66% of enterprises said they were piloting platforms to automate at least one business process. And in a survey conducted by ServiceNow, 86% of respondents said that by 2020 their organizations would require intelligent automation to keep up with business requirements.
Daylight, which was founded by Ryan Kimber and Art Harrison, provides low-code automation software that enables organizations to build digital workflows to replace costly, time-consuming, and complex tasks. Using Daylight, customers can collect and exchange data across various business processes, digitize paper-based processes, and augment existing workflow management, esignature, and legacy systems.
“Daylight automate[s] legacy processes and reduce[s] the burden of paperwork for organizations and consumers,” Kimber told VentureBeat via email. “With the sudden onset of the pandemic, we found companies’ No. 1 priority quickly shifted to digitization and creating processes that could be done online and in a remote setting. Daylight was in high demand to transform processes that normally required in-person consults or multiple touchpoints into a seamless digital experience for our customers.”
The global market for technology that enables automation is expected to reach $596.6 billion in 2022, according to a recent Gartner report. That’s up from $481.6 billion in 2020 and a projected $532.4 billion by the end of 2021.
Daylight sees Easysend.io, Airkit, Unqork, and Appian as its chief rivals, but the startup has already managed to sign 15 enterprise customers across insurance, health care, and financial industries. Kimber says the Bank of Montreal and Shoppers Drug Mart are among Daylight’s most active users, followed by Allianz Global Assistance.
“Organizations are using Daylight’s low-code platform globally to streamline external processes from credit card applications and insurance claims to internal processes that create consistency across every branch and employee experience,” Kimber added. “The combined impact of people, process, and technology has enabled us to achieve 3 times growth over the course of the last 12 months.”
Daylight currently has 85 employees, but Kimber anticipates the company growing to over 100 by the end of the year.
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