Enterprise automation software firm Workato valued at $5.7 billion in latest funding

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(Reuters) - Workato, an enterprise software company that offers an automation platform for businesses, has more than tripled its valuation to $5.7 billion after its latest funding round.

The company said on Wednesday it had raised $200 million in a funding round led by technology-focused venture capital firm Battery Ventures. Insight Partners, Altimeter Capital and Tiger Global also participated in the round.

Workato's latest funding, which brings total capital raised so far to over $421 million, comes nearly 10 months after the previous round, which was at a valuation of $1.7 billion.

The pandemic has supercharged the enterprise software industry, as businesses double down on their digital strategies due to remote working and seek to automate core functions.

Mountain View, California-based Workato offers its over 11,000 customers a platform to automate their critical business processes, which it says is more efficient than them having to deploy a variety of tools for the same.

The company said it has nearly doubled its customer base in the last 12 months, with additions like Stitch Fix and GitLab Inc. Chip and software company Broadcom Inc and restaurant software maker Toast Inc also use Workato's services.

Workato said it intends to use the latest capital to invest in its products and also to expand further in the United States, EMEA (Europe, Middle East and Africa) and APAC (Asia Pacific). The company added it will open additional data centers in APAC and add support for regional languages.

Automation technology startup UiPath Inc raised $1.34 billion when it went public in April this year. Other companies like ActiveCampaign, a cloud software platform that provides automation tools, also raised funds at a $3 billion valuation earlier this year.

(This story corrects number of customers to 11,000, not 7,000, in paragraph 5 after official correction from company)

(Reporting by Niket Nishant in Bengaluru and Jane Lee in San Francisco; Editing by Krishna Chandra Eluri)

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