FortressIQ Announces $30 Million in Series B Funding, Building AI to Decode Work

By AIT Staff Writer On May 14, 2020

Investment led by Microsoft’s venture fund M12 and Tiger Global Management to Accelerate Businesses’ Enterprise Transformation Journeys

FortressIQ, the company delivering human-level observability into the processes behind every strategic business initiative, today announced it has received $30 million in series B funding led by M12, Microsoft’s venture fund, and Tiger Global Management, with participation from earlier investors Boldstart Ventures, Comcast Ventures, Eniac Ventures, and Lightspeed Venture Partners.

“Enabling customers to succeed in their business transformation journeys by creating and building the system of record for work is our core mission at FortressIQ, and we’re grateful to have the support of our investors — past, new, and future — to make it happen,” said Pankaj Chowdhry, founder and CEO of FortressIQ. “For us, it’s also about more than just the mission. How we get there and who we surround ourselves with is equally as important. We’re dedicated to creating successful and intentional partnerships with companies whose values align with ours. This is why we’re excited about this investment from M12. Microsoft’s enterprise experience is unparalleled, and we look forward to exploring collaborative ways to serve our customers.”

FortressIQ first partnered with Microsoft in November 2019 and subsequently announced a new integration with Microsoft Power Automate last month. “We have experienced first-hand the benefits of the Microsoft and FortressIQ partnership,” said Mark Kaplan, COO of Cantor Fitzgerald & Co. “We anticipate that the additional funding will only strengthen the partnership, which will enable us to get the most out of our Azure, Power Automate, and Power BI investments.”

Best in class organizations are always looking to improve their operations and deliver better experiences for their customers. These improvements are proving elusive as customer needs are constantly evolving, while at the same time the knowledge of an organization’s internal operations is stagnating. Historically, organizations have used business analysts or simple technology to map their processes, but this approach can be expensive, error-prone, and time consuming. Now, more than ever, it’s vital for organizations to have the ability to be agile and respond to changes in real time. FortressIQ creates a detailed map – of every process across every application and department – delivering data-driven insights needed for companies to confidently make strategic decisions that will have the biggest business impact.

“We’re thrilled to have FortressIQ as part of the M12 portfolio,” said Tamara Steffens, managing director at M12. “In the face of explosive data growth, automation is increasingly critical to an organization’s ability to scale and compete. FortressIQ’s capacity to identify bottlenecks and inefficiencies where automation can help is improving both the employee experience and business outcomes.”

“Organizations are contending with more data than ever, and FortressIQ is providing massive value by giving enterprises context for that data to fuel successful business outcomes,” said Ed Sim, founder and managing partner at Boldstart Ventures. “For the first time, companies can automatically and accurately map their processes and get a real-time understanding of how their businesses operate. Armed with these unique insights, we’re excited to see companies continue to rapidly adopt FortressIQ as a key partner in their business transformation journeys.”

FortressIQ empowers enterprises to quickly and accurately create a system of record for all business processes across the enterprise. This lets organizations confidently make decisions that propel their businesses forward through improved employee experiences, process reengineering, system optimization, value engineering, and intelligent automation. The platform combines computer vision, natural language processing, machine learning, and artificial intelligence to capture all process steps across any system with zero integrations, APIs, or application logs — greatly decreasing time to customer value. By mapping out an organization’s productivity workflows, the solution provides visibility into all versions of an identified process so companies can determine the most optimal model and how to best leverage it within their organization.