Last week, a leading low-code automation and integration company, Tray.io, announced it extended its Series C funding round with another $40 million, thus making the total $90 million. The first part of its Series C was raised in November 2019, led by Meritech Capital, with participation from Spark Capital, GGV Capital, and True Ventures. The latest round sees Canada Pension Plan Investment Board (CPP Investments) join the previous investors in raising funds to help the low-code cloud-first automation platform. This funding is meant to accelerate Tray.io’s product development and fuel go-to-market initiatives.
Tray.io is a low-code, cloud-first approach to automation that is delivered on a scalable, resilient and secure platform. Both line-of-business and technical users can take advantage of the power and flexibility of Tray.io to connect systems and build the automations that provide a faster and more efficient way to do their jobs and achieve business results. Anyone solving business departmental process challenges like streamlining Revenue Operations, fast-tracking HR on-boarding, transforming finance quote to cash or automating IT user provisioning no longer need to rely on developers to save them or pay any attention to the back-end complexity of integrations (e.g., testing, error-handling, logging, resiliency, cost, and security). Instead, they can focus on taming complex business logic and delivering impactful business outcomes. With Tray.io, business teams can transform processes with ease, and product and services teams can deliver customer integrations quickly and seamlessly.
The investment follows significant success for Tray.io, which has seen 115% revenue growth year over year. That growth was mainly driven by larger customers spending more than $100,000 ACV. Not to mention, the platform has also seen an increased usage with 444% more tasks running on it. Presumably over the last year, though Tray.io omitted the time period, making this less impressive. It indicates that adoption is high, companies are using the platform and, therefore, less likely to churn.
“Our objective with this latest funding is to create a world where anyone in any department can solve business problems without the constraints of poorly adapted technology. By placing automation in the hands of each department rather than a limited few, the Tray way empowers people to transform their fragmented processes into powerful business outcomes and avoid being caught in the digital transformation backdraft.”
Rich Waldron, Co-founder and CEO, Tray.io
