Tray.io Secures $40 Million to Remedy Unintended Consequences Companies Face on Their Path to Digital Transformation
Tray.io, the leader in low-code automation and integration, announced $40 million in funding to solve the business process inefficiencies companies encounter when undergoing rapid digital transformation. New investor Canada Pension Plan Investment Board (CPP Investments) joins current investors True Ventures, GGV Capital, Spark Capital, Meritech Capital Partners and Stepstone Group in extending Tray.io’s $50 million Series C funding round. Tray.io is providing a new approach to low-code automation and integration that changes the game for hyperautomation. According to Gartner1, the “need for hyperautomation is creating a total software market opportunity that will reach $860 billion by 2025.” The capital infusion will accelerate Tray.io’s product development and fuel go-to-market initiatives. Tray.io experienced a 115% increase in year over year revenue, largely driven by upper mid-market and enterprise customers with more than $100,000 of annual contract value. Additionally, the number of tasks running on its platform increased 444%, highlighting the high rate of user adoption and the value of the automations that customers are building with Tray.io.
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“In volatile economic climates, the most promising companies need large viable markets, groundbreaking products, capable teams, outsized metrics, strong leadership positions and the ability to equip their customers to adapt to unpredictable conditions,” said Alex Clayton, General Partner at Meritech Capital Partners. “Tray.io is a shining example and we’re confident in the company’s sustainable business model. We are bullish on solutions for efficient business growth as a whole and it is clear that Tray.io’s low-code, cloud-first approach to automation is a driver for business efficiency. We believe the best days for SaaS and the broader tech market are ahead and our investment in Tray.io reflects this significant opportunity.”
Digital transformation, accelerated by the pandemic, has resulted in unintended consequences across organizations. Specialized SaaS applications intended to bring products to market faster, increase revenue, manage costs and reduce risk have led to teams being overwhelmed by too many signals coming at them from complicated technology stacks. Employees spend inordinate amounts of time trying to reconcile conflicting data from different apps and are settling for business processes that work the way software vendors believe employees should work, instead of how employees want or need to work to be efficient.
“Digital transformation and the shift to the cloud has forced an evolution in enterprise architectures in order to take advantage of the scale, elasticity and economics now available, exposing the shortcomings of legacy approaches to iPaaS. Legacy products bring outdated constructs such as manual provisioning, limited scale, long development cycles and heavy maintenance,” said Rich Waldron, Tray.io Co-founder and CEO. “Our objective with this latest funding is to create a world where anyone in any department can solve business problems without the constraints of poorly adapted technology. By placing automation in the hands of each department rather than a limited few, the Tray way empowers people to transform their fragmented processes into powerful business outcomes and avoid being caught in the digital transformation backdraft.”
Tray.io is a low-code, cloud-first approach to automation that is delivered on a scalable, resilient and secure platform. Both line-of-business and technical users can take advantage of the power and flexibility of Tray.io to connect systems and build the automations that provide a faster and more efficient way to do their jobs and achieve business results. Anyone solving business challenges like streamlining revenue operations, fast-tracking HR on-boarding, transforming finance quote to cash or automating IT user provisioning no longer need to rely on developers to save them or pay any attention to the back-end complexity of integrations (e.g., testing, error-handling, logging, resiliency, cost and security). Instead, they can focus on taming complex business logic and delivering impactful business outcomes. With Tray.io, business teams can transform processes with ease, and product and services teams can deliver customer integrations quickly and seamlessly.
“At Podium, our goal is to equip local businesses with easy-to-use tools so they can get more customers and deliver a better experience. Tray.io is our strategic platform for fueling over 45 apps and integrations in our Podium Marketplace, which powers communications for 100,000 businesses and reaches 1 in 2 mobile users in the U.S.,” said Zach Vance, Head of Platform Partnerships at Podium. “Tray.io has been critical to accelerating our time-to-value for our busy local business customers, scaling billions of tasks and creating seamless end user experiences. It is exciting to witness Tray.io’s continued growth, and we look forward to taking advantage of their new innovations that can enable Podium to deliver self-serve customer integrations at scale.”
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