Founded in 2015, Tonkean sells a robotic automation platform that it pitches as an operating system for business operations. The highlight feature of its platform is its no-code process orchestration capability that enables users to orchestrate processes, coordinate people, and connect systems across their organization without needing any coding skills. The secret sauce behind Tonkean’s platform is its “Enterprise Components”, which are reusable, user-defined, monitored, and managed components that help to orchestrate business processes across an organization. They give companies a more consistent standard for creating business processes and systems that work with their current tools and align with the way their employees work.
Last week, Tonkean announced that it closed a $50 million Series B round of capital led by Accel and saw participation from Lightspeed Ventures, which led Tonkean’s $24 million Series A round in April 2020. Individual investors, including Atlassian Plc co-CEO Scott Farquhar, former Google CEO Eric Schmidt, and a number of executives from UiPath, also participated in the round.
Tonkean employs around 60 people today, up from around 15 folks at the time of its Series A. It plans to hire rapidly now that it has more capital. Tonkean Co-founder and Chief Executive Sagi Eliyahu claims most of its Series A is still in the bank. So why did they raise more funds?
Because Eliyahu considers his startup’s market to be so large that he wants to pull the company’s future closer to today; the new capital will give Tonkean the space it needs to hire more rapidly and build more quickly than it might have if it continued to operate from a smaller capital case.