Bryter an AI startup with offices in Frankfurt and Berlin raises 66 mn US$ — Series B - with a 400 m US$ valuation
This week Bryter is thrilled to announce that they have completed their Series B funding round of $66 million. The fundraise comes only 8 months after their Series A round, bringing the total capital raised to date to over $90 million.
The investment round was led by New York based investment firm Tiger Global, with participation from their existing investors Accel, Dawn Capital, Notion Capital and Cavalry Ventures. The capital will be used to accelerate their international expansion, particularly in the US, where they have seen rapid adoption since opening a New York office last year.
They are also happy to announce that a group of leading enterprise software executives and entrepreneurs have joined the round in recognizing the rapid growth and future potential, including Amit Agharwal, CPO of DataDog, Lars Björk, former CEO of Qlik, Ulf Zetterberg, founder and CEO of Seal Software and former ServiceNow Global SVP, James Fitzgerald. They will act as consultants and assist them in US go-to-market development.
BRYTER was founded less than three years ago in 2018, and have rapidly become the leading no-code automation platform for enterprise services. In the past months, the increasing need for digital applications has further boosted our global expansion.
While digital transformation and automation are reshaping industries at a rapid pace, the need for coding resources is still and often a barrier for companies to become digital — and many services within compliance including legal, tax, privacy and security functions are still manual. Other regulatory departments like procurement, administration and HR also are having issues scaling their knowledge.
They help these business experts within global organizations to turn enterprise services into interactive, self-service applications available across the organization, through virtual assistants, chatbots, self-servicing and other applications. Using their platform, business users can digitize and automate repetitive services in a fraction of the time and at much lower costs.
With their intuitive platform, users with no technical programming knowledge get started in minutes. At the same time, it provides the power necessary for processes with complex reasoning and demanding use cases. Applications can be delivered to end users internally or externally at the click of a button. Since our launch, over 2,000 business applications and workflows have been deployed on BRYTER. After first building out a fully end-to-end enterprise ready platform, they have seen engagement with their platform multiply through 2020 and numerous organizations have responded to the disruption caused by COVID-19 by making enterprise services digitally available to everyone.
“BRYTER is all about helping organizations streamline their service, internally and externally.” Says Michael Grupp, the CEO and co-founder. “We’re excited to have the customer validation to be able to raise significant funding so soon after our last round, to take our vision to more customers, particularly in the world’s largest software market, the US. We want more businesspeople to learn about how we can change their working lives and we’re pleased to have the backing of leading investors and industry greats to take BRYTER to more organizations.”
John Curtius, Partner at Tiger Global, who led the deal, added: “BRYTER has all the characteristics of a top-tier software company: high quality product that solves a real customer pain point, a large market opportunity and a world-class founding team. The feedback from BRYTER’s customers was resoundingly positive in our research, and we are excited to see the company reach new heights over the coming years.”
Evgenia Plotnikova, Partner at Dawn Capital, said: “BRYTER has seen explosive growth over the last year, signing landmark customers across a large number of sectors and use cases. This does not come as a surprise. In the pandemic-affected world, digitalization is no longer a “nice to have”, it is an imperative. That means that more than ever, to drive automation at scale throughout the modern enterprise, every employee has to become a “citizen developer”. BRYTER makes that step easy and seamless. We at Dawn are thrilled to continue supporting BRYTER’s rapid global expansion and to welcome new investors to this exciting journey.”
Luca Bocchio, Partner at Accel said: “With BRYTER, business experts get the benefit of both simplicity and power. The platform’s exceptional user experience enables people with no coding skills to just drag and drop their knowledge in order to create an app that incorporates their complex reasoning and knowledge in a matter of hours. With the acceleration of digital transformation across industries, we’re excited for the next stage of BRYTER’s journey and supporting another fantastic European-founded software company as it expands in the US.”