FortressIQ Exits Stealth with $16 Million in Funding to Bring Cognitive Process Analysis to the Enterprise
Process Comprehension Surpasses Existing Technologies by Connecting Disjointed Processes and Uncovering Business Rules–Without Any Integrations, Log Access or Manual Data Mapping
FortressIQ, creator of a cognitive automation platform that powers and accelerates digital transformation through imitation learning, announced it has raised $12 million in Series A financing from Lightspeed Venture Partners. This new capital extends $4 million in seed funding from Boldstart Ventures, Comcast Ventures and Eniac Ventures, bringing the total funds raised to date to $16 million.
Founded in 2017, FortressIQ pioneered a fundamentally new way for Global 2000 companies to achieve their transformation goals. Recognizing that the largest obstacle to digital transformation is the lack of detailed information on current state of operations, FortressIQ spent 18 months working with corporate transformation teams building AI to solve their most pressing needs. This powerful platform addresses Peter Drucker’s age-old maxim that “If you can’t measure it, you can’t improve it,” by delivering the quantified workforce and providing the data today’s enterprise needs to optimize their transformation initiatives.
“FortressIQ’s technology provides the insights necessary for a global organization to integrate the digital workforce into their operations,” said Nakul Mandan, partner at Lightspeed Venture Partners. “We think the company’s strong management team, with its data-driven approach, is uniquely positioned to alter the expensive, slow and inefficient methodologies that prevent businesses from fully realizing their digital transformation initiatives today.”
Each year, billions of dollars and millions of hours are spent with process analysts interviewing users and generating documentation. The large diversity, age and customization of enterprise applications has made traditional technical solutions to this problem impossible, forcing organizations that want a detailed understanding of their complex operations down a laborious and often error-prone path that can take months for a single business function. As PwC puts it, we should “imagine a world in which automation tools watch how we work, then use artificial intelligence (AI)-driven insights to tell us how to work better (or upgrade our work efforts for us) on the fly.” FortressIQ delivers that vision.