Skan, the AI-enabled process discovery and operational intelligence, recently announced it secured $14 million through its Series A funding round, which was led by Cathay Innovation with participation from Citi Ventures, Zetta Ventures, Bloomberg Beta, Plug and Play Ventures, and Firebolt Ventures.
Founded in 2018, Skan uses cognitive technologies to Map, Model, and Manage the Invisible Enterprise. The company noted it is redefining business process discovery to empower large enterprises to uncover, untangle, and unleash their business processes.
“Skan’s unique approach leverages computer vision, deep learning, and machine intelligence to observe, learn, assemble, and optimize business processes without intrusion or integration. The output in the form of a process metamodel and digital process twins makes it a breeze to model, simulate, and measure the future state in a sandbox.”
Speaking about the investment round, Avinash Misra, Co-Founder, CEO of Skan, stated:
“From our experience, one of the root causes is the gap between how we think work gets done in the enterprise vs. how it works in practice. We realized that without understanding processes, their variants, and the resulting operational intelligence, any intervention such as digitalization, automation, and optimization are futile. We are grateful for Cathay Innovation, Citi Ventures, and our existing investors for their support in our mission.”
Skan went on to add that the new investment used to fund the commercial expansion of its innovative AI-driven process discovery and monitoring solution and expand its product, sales, and customer success teams.