Process automation software company WorkFusion raised a $50 million financing to help expand its global operations.

WorkFusion’s technology automates high-volume processes by combining artificial intelligence and robotic process automation software. Its technology can be used for claims processing in insurance, bringing on customers in banking or accounts payable in shared services.

Hawk Equity and Declaration Partners led the Series E funding round. Previous investors Georgian Partners, iNovia Capital and NGP Capital also participated.

To date, WorkFusion has raised about $118 million. Its latest financing also comes with some personnel changes.

Alex Lyashok, formerly president, has been appointed CEO and board member as of April 1. Co-founder and former CEO Max Yankelevich will continue as chief strategy officer and keep his board seat. Peter Cumello has joined WorkFusion as CFO, after having previously served as CFO at Text100, North American managing director of finance at Accenture and SVP of finance at Avenade.

Source: WorkFusion

Topics Claims InsurTech Funding