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Ukrainian unicorn: This workflow automation startup raises $51.5M at $1.25B valuation

AirSlate-2-founders
Photo Credit: AirSlate

AirSlate, which provides no-code tools for automating corporate processes, has raised $51.5M in a funding round valued at $1.25B making it a unicorn, further demonstrating that workflow automation is a thriving industry. AirSlate is the first portfolio firm for UiPath’s newly created, previously unannounced UiPath Ventures arm, which was directed by G Squared with involvement from UiPath.

The Ukranian founded company has raised $185.3M in total funding, with a portion of that being debt.

Fund utilisation

The fresh funds will be used to grow the company’s automation capabilities and communities, which will help customers to get more productivity out of their business papers and data.

With its SaaS-based document automation platform that includes electronic signature, PDF editing, document management, and no-code workflow automation solutions — signNow, pdfFiller, USLegal, and airSlate — airSlate, founded in 2008 by Borya Shakhnovich and Vadim Yasinovsky serves over 100M customers.

The funding round also includes a new strategic partnership with UiPath, which includes an investment from the recently launched UiPath Ventures initiative, which will provide capital and resources for airSlate to collaborate with UiPath and support the UiPath vision of the fully automated enterpriseTM.

AirSlate, which is powered by RPA, can assist with duties such as negotiating and arranging payments by generating prefilled pages, sending reminders and notifications, and extracting data to update records. To automate approvals, data analytics, warnings, authorization assignment, and data transfer, the platform uses rules-based bots that interface with existing services.

How does it function?

AirSlate Business Cloud, which includes PDF editing, esignature workflows, and document process automation, is a fully managed product for businesses. Subscribers to the Business Cloud can create new (or amend old) PDF documents, manage workflows, assign roles, and send documents out for esigning. They also have access to a state-specific online library of legal forms, such as nondisclosure agreements, real estate forms, wills, and consumer contracts.

Borya Shakhnovich, co-founder and CEO of AirSlate, touted the partnership with G Squared, which believes in the company’s objective to “empower teams to create, innovate, automate, and digitally alter the way they do business.”

“UiPath Ventures invests in companies that impact the world around us and further our purpose of accelerating human achievement. airSlate falls firmly into that category. Borya’s clear and ambitious vision for the company has helped drive impressive traction in a short period of time. We look forward to working together to harness the power of the UiPath platform and bring it to the millions of users and small businesses who rely on airSlate to keep their businesses running,” said Vijay Khanna, Chief Corporate Development Officer at UiPath.

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