The international legal practice Osborne Clarke has advised Berlin-based start-up Workist, provider of a platform solution for the automation of administrative office tasks, in a financing round of EUR 9 million. The newly acquired capital will be used to strengthen the development team and expand Workist's range of applications.
B2B trade transactions: The prerequisite for this are countless small-scale, administrative steps. Orders, confirmations, complaints, invoices and other documents – they all have to be read, recorded, sorted and transferred to IT systems. The solution of the Berlin tech start-up Workist aims to automate these processes and thus not only saves companies time and money, but also relieves them in times of a shortage of skilled workers. Using their specially developed artificial intelligence WorKI, 95 per cent of all processes around document-based B2B transactions are automated; in addition, the AI also keeps learning by integrating feedback from human colleagues into its processes, thus further increasing the rate of automation as it is used. “Similar to the steam engine in the 18th century, AI will lead to a veritable explosion in the automation of human labour – but this time of office work. With Workist, companies can significantly increase their efficiency and leverage the potential of AI today," says Workist Co-Founder and Managing Director Tim Wegner.
To further expand the application areas of its platform solution, the company has now raised EUR 9 million in a Series A financing round, bringing the total funding volume to EUR 12 million. The goal is to make Workist the leading automation platform for B2B transactions between companies worldwide. The round was led by Earlybird. Existing investors – including 468 Capital, LEA Partners and another.vc – are also supporting Workist as it continues to grow.
Artificial intelligence-based solutions are being implemented across a wide range of business models in the technology sector currently. Artificial Intelligence's enormous potential to go beyond traditional software and algorithms to automate and scale old and new business models and operations more profoundly and extensively than ever before possible makes AI developing growth companies particularly attractive to investors.
The team advising Workist was led by Robin Eyben (Corporate / Venture Capital) and included Dana Alpar (Corporate / Venture Capital), Kamissa Kruse (Employment) and Benjamin Schaum (IT / Data Protection).