E42 secures $5.4 Mn in Series A round led by Pavestone Ventures
- ByStartupStory | October 26, 2021
E42, Light Information Systems’ AI platform has received $5.4 million in Series A funding led by Pavestone Ventures, the second vehicle of startup venture capital fund Parampara Capital.
According to the Pune-based Natural Language Processing AI-workforce startup, funds will be deployed to enhance the company’s E42 AI platform by driving R&D to maintain its technological edge, building its partner ecosystem and attracting businesses around the world.
Founded in 2012 by Animesh Samuel and Sanjeev Menon, E42 facilitates the process and human-centred automation across all verticals by fostering human awareness in these processes.
Automation is powered by cross-functional cognitive agents or “colleague AI”, companies can create and customize on the E42 platform to their needs.
The platform has been recognized by industry giants such as Microsoft, SAP, Oracle, IDC, NVIDIA, NASSCOM and SaaSBhoomi, among others.
The startup currently employs about 40 people, including 35 engineers. E42 plans to double that to 80 by year-end, as it uses the funds raised to accelerate growth and adoption.
Pavestone Capital is the second vehicle of the startup venture capital fund Parampara Capital. The fund is said to have taken the path of fundraising to invest in companies operating in the deep tech sectors that will provide products, platforms and solutions, largely for the B2B segment across all platforms. branch.
Samuel, President and CEO of Light Information Systems, said, “We are delighted to receive this grant as it will help us strengthen our research and partner ecosystems and help us scale and serve businesses in all geographies. Our cognitive process automation platform has also benefited organizations large and small by automating complex, human-centric processes with a return on investment in just under two weeks. We want to open up our easy to deploy, maintain and migrate no-code platform for companies and partners around the world to come and try different automation methods that can be customized to their needs. surname. “
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