Skan Raises $40M Series B Round to Accelerate Enterprise Adoption of Their Ground-Breaking Process Intelligence Solution as Distributed, Remote Work Collides With Complex Business Operations.
More than 20 of the world’s top financial services, healthcare and insurance companies leverage Skan.ai’s computer vision and AI technology for real-time, actionable insight into business processes.
Skan.ai has announced the close of $40M in Series B venture capital funding. The round was led by Dell Technologies Capital, with participation from additional new investors GSR Ventures and Liberty Global Ventures, along with existing investors Cathay Innovation, Zetta Venture Partners, Citi Ventures and Firebolt Ventures.
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Founded in 2018, co-founders Avinash Misra and Manish Garg set out to transform the legacy process mining and operational monitoring market with a ground-breaking solution that leverages advances in computer vision and artificial intelligence, with a zero-integration approach to create a new category called “dynamic process-intelligence.” Their solution enables enterprises to automatically develop detailed, automation ready process maps, and provide continuous, actionable insights in weeks vs months. Operational leaders of functions such as underwriting, customer onboarding, claims, contact center, and collections are able to understand automation and optimization opportunities, how to upskill the workforce, and compliance gaps.
The Skan Zero Integration(™) technology avoids the pitfalls of traditional legacy approaches that require months of expensive integration to legacy applications and armies of consultants.
Skan has found that 75% of large enterprises are moving to a permanent, more geographically distributed workforce that works from home. This is propelling process intelligence to a Top 3 priority for operational leaders, and resulting in over 9X revenue growth over the past year.
“Skan is disrupting a $100B industry that has largely relied on manual human observation with computer vision and AI capabilities to deliver unprecedented levels of real-time insight for operational leaders,” said Avinash Misra – cofounder and CEO of Skan.ai, “We are truly excited to add Raman Khanna of Dell Technologies Capital to the Board, and we are grateful for new investors Liberty Global Ventures and GSR ventures, and the continued support of our existing investors.”
“We at Dell Technologies Capital were impressed with Skan’s disruptive technology and uncapped market potential. Avinash and his team have successfully brought to market a truly novel solution that is a more modern and actionable alternative to traditional human interviews as well as legacy process mining approaches,” said Raman Khanna, Managing Director at Dell Technologies Capital and former CIO at Stanford University, “The opportunities here cut across every industry and we are looking forward to partnering with the Skan team to help them capitalize on the enormous market opportunity”
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“Skan provides a missing link in the evolution of automation and digital transformation. The ability to gather real time process metrics and an end to end view of business processes before and after technology driven transformations is an immense value to business community” said Vinaykumar Mummigatti, Chief Automation Officer at Lexis Nexis adding that “Skan allows us to continuously observe work as it happens in the organization”
“As the leader responsible for transformation across a very complex process landscape, knowledge of how the workforce, applications, processes interact in real time is critical. Once you have this information, Digital Transformation becomes truly data driven. Skan brings all three together on one process control plane.” said Deepika Chopra, SVP for Business Reinvention at LPL Financial.
“Skan continues to be at the forefront of the desktop process discovery space with rapid innovations this past year.” said Bailey Kong, Analyst at Nelson Hall. “The company’s continued focus on developing deep, actionable insights and investments to accelerate process changes is why they are positioned as a leader again.”
Co-founders Avinash Misra and Manish Garg have been childhood friends since elementary school growing up in Kanpur, India, and became classmates at the Indian Institute of Technology. The first company they co-founded together was successfully acquired by global digital transformation services company GenPact. Their experience with the gaps they saw in large scale digital transformation and process automation projects at global scale is what led to the creation of Skan, which is their second venture together.
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