Hive, a San Francisco-based provider of AI solutions designed for intelligent automation, this week announced it has secured a Series D funding round worth $50 million and disclosed an earlier $35 million round, secured last year. The most recent raise has put the Bay Area company’s valuation at around $2 billion.
Hive, like many companies, acknowledges RPA as the technology that has raised automation to new heights making it easier for business lines to identify efficiencies and productivity over the course of the pandemic in the face of cost reductions. It also notes that adding artificial intelligence will significantly expand the number and types of processes that organizations will be able to automate.
“While RPA has delivered significant value across industries (and to the providers enabling these solutions), there is a ceiling on the types of activities that can be addressed with that technology‒generally limited to highly transactional activities such as application log in, data extraction, and form filling,” said Kevin Guo, Hive’s CEO, in a company blog post. “We aim to unlock the full potential of enterprise automation, spanning a set of more ‘intelligent’ manual processes and new processes not feasible to scale with manual labor. The market is ready.”
The most recent funding round was led by Glynn Capital, with participation from existing investors.