London AI firm generates $6m in Series A

A UK AI firm has announced a $6m Series A funding round from Khosla Ventures.

This new investment adds to the seed investment from Entrepreneur First and Episode 1 and will help to further the company’s growth by establishing a sales team in the US and multiplying its investment in R&D.

Mimica Mapper supports robotic process automation (RPA) teams, who build software bots that complete repetitive tasks such as data entry, form completion and claim and ticket processing – a market estimated to be worth $107bn by 2027.

To support the product development and global expansion, the new investment will be used to scale the Mimica team from 15 to 50 over the next two years. This includes hiring a US-based head of sales, and various roles across engineering, data science, sales and marketing in both the UK and US.

Since launching in 2020, Mimica has converted 100 percent of its pilots, including Dell, AT&T, Hexaware, Experis and Ironbridge. For Dell, Mimica reduced the lead time for bot deployments by 65 percent, equivalent to three times more automation per year.

CEO Tuhin Chakraborty, said: “RPA is the perfect beachhead for our tech because buyers experience so much pain after their purchases. It’s torture, digging for automation opportunities and building process maps by hand, and it’s unnecessary.

“Mimica is loved by Dell and AT&T because it does the work faster and more accurately, across tens of thousands of employees. With Khosla Ventures’ investment we’ll bring our tech to the rest of the Fortune 500 and take the next big steps in our product roadmap.

“Soon we’ll be generating bots automatically, on the march toward entrusting AI with the world’s monotonous digital work.”