£2m for automation firm defining the future of work
A Cheltenham company whose software helps businesses to automate their processes more rapidly has raised £2.2m from the Northern Venture Capital Trust (VCT) Funds, which are managed by Mercia.
The investment will allow Enate to further develop its platform and expand its customer base and distributor network across Europe and Asia.
Launched in 2017, Enate now has customers worldwide ranging from smaller services firms to major insurers, banks and professional services firms like EY and Capgemini. The company has been growing revenue by 200 percent year on year and has seen increased demand since the lockdown, as businesses seek ways to deliver services with a workforce operating from different locations.
In one recent case, it helped a major law firm to comply with changes to EU reporting rules, after it had to abandon plans to recruit temporary office-based workers.
Enate was founded by Kit Cox, a software developer who initially created the system to help businesses manage outsourcing more efficiently. However with the growth in Robotic Process Automation (RPA), he recognised the need for a product that could orchestrate the combined human and digital workforce. The company currently employs 24 people in Cheltenham and a similar number in India.
Kit, who is CEO of Enate, says: “We’re particularly proud to have concluded this deal to support our growth during such an unpredictable time. COVID-19 has changed the way we work forever. Enate helps people manage a distributed and diverse workforce and get the job done, which is exactly what businesses need in the current environment. Enate will be one of the technologies that defines the future of work as the ‘new normal’ starts to emerge; a future where work is remote and working with your digital buddies is second nature.”
Jason Warren, investor for Northern Venture Capital Trust funds at Mercia, added: “Following the growth of automation in recent years, we are seeing a strong requirement for systems that help integrate bot workers into the workforce. Enate’s product ensures businesses get the right worker for the right task at the right time and has the potential to become a core component in the automation ecosystem. We are excited to be supporting Kit and the team in their plans and believe Enate could play a key role in the future of work.”