Headquartered in San Jose, California, Element5 provides intelligent automation solutions for post-acute care. Using AI and RPA, Element5 simplifies the execution of complex processes that incur high costs and are often labor-intensive. Yesterday, it was announced the company had secured $30 million in a Series B investment round led by the venture capital and private equity firm Insight Partners.
With the Series B round complete, Element5 has raised a total $48.5 million in capital to date. This is the company’s second investment from Insight Partners, which also led a $15 million Series A round last August. Element5 is going to use the influx of funds to expand their workforce and enhance their robotic process automation (RPA) and artificial intelligence solutions.
After Series A round, Element5 expanded its product catalog and scaled its workforce to support rising demand. The Series B investment will allow the company to build on that momentum, further advancing product development and facilitating more hiring.
“We’ve kind of put that infrastructure in place in Series A, and Series B is really going to allow us to basically build on that foundation. It’s allowing us to put a bit more gas on it sooner than expected and really ramp up the staff and build more products for the market.”Joe Randesi, CEO, Element5