Open-Source Process Mining Vendor Apromore Raises AU$6.84 Million in Series a Funding
Apromore, the leading developer of open-source process mining technology, announced it has raised AU$6.84 million (EUR 4 million) in a Series A round led by German business process management specialist GBTEC. The Series A round also involved investment from Melbourne-based consulting and technology firm Leonardo and The University of Melbourne, which helped to incubate Apromore prior to spin off.
The Series A investment will allow Apromore to strengthen its product development capacity and to expand into the realm of AI-driven automated process improvement, including robotic process mining, prescriptive process analytics, and automated decision optimisation. According to Gartner’s 2019 Market Guide for Process Mining: “[Apromore] focuses significantly more than its competitors on intelligent support for model enhancement, and on predictive analytics.” It is anticipated the investment will allow Apromore to build on its success to date and further solidify its market position.
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Apromore’s CEO, Prof. Marcello La Rosa, highlighted that “Apromore inherits a decade of R&D in the field of business process management and process mining, and we have packed the most advanced algorithms for process mining into Apromore’s products. This investment will allow us to maintain our competitive advantage, by incorporating the latest research and innovations in the field of AI-driven automated process improvement into our product. It will also allow us to continue pursuing our mission of democratising process mining via a commercial open-source business model.”
The investment is coupled with a strategic partnership with GBTEC. The partnership will see GBTEC offering Apromore’s process mining technology as a core component of its BIC Platform for business process modelling and automation.
Commenting on the investment and the strategic partnership, GBTEC’s CEO, Gregor Greinke, said: “The integration of Apromore into the BIC Platform will provide a one-stop shop for companies seeking to accelerate their digital transformation journey with full-lifecycle process optimisation. The analytics capabilities that Apromore brings into the BIC Platform are truly exceptional when it comes to identifying underperforming processes, rework loops, waste, and bottlenecks. By joining forces, we are certain to establish one of the best analytics and AI-driven process optimisation tools on the market.”
Leonardo’s Managing Director Adam Mutton also commented on Apromore’s potential: “Apromore is leading the way in innovative AI-driven process improvement – from automated discovery of actual as-is processes, to predictive process modelling based on live data to future directions involving integrated robotic process discovery, scripting and automation. Clients are excited by the ability to dramatically reduce discovery and analysis time, rapidly analyse large data sets and drill to specific issues and root-cause analysis to determine the highest priority improvements.
Prof. Mark Cassidy, Dean of Melbourne School of Engineering, also added, “This is a clear demonstration of the strong commitment of the University of Melbourne’s School of Engineering to turn world-class research into commercial innovation.” Prof. Uwe Aickelin, Head of the School of Computing and Information Systems, added: “This successful spinoff is testimony to the quality and relevance of the research conducted in our school, and accentuates our position as a world-class hub for computing research”.
Apromore is the result of over a decade of extensive research and innovation at The University of Melbourne, University of Tartu (Estonia), and other research institutions across the globe.
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