Thiruvananthapuram: Silicon Valley-based startup JIFFY.ai, run by Keralite entrepreneur Babu Sivadasan, has raised $18 million (Rs 136.83 crore) in Series A funding.
JIFFY.ai has development centres in Bangalore, Thiruvananthapuram and Kochi. A significant portion of the funding is expected to be used for the development of these centres.
With the COVID-19 pandemic limiting a majority of the workforce to their homes, enterprises are finding it difficult to handle their day-to-day office work.
JIFFY.ai, an enterprise automation innovation company, founded in 2018 to help enterprises optimize business functions, focuses on finance and operations.
“Our goal is to set a new standard for business at the intersection of entrepreneurship and innovation,” said Babu Sivadasan, CEO and co-founder of JIFFY.ai.
“Across our entire team, we’re dedicated to tackling the effects of automation on the workforce, not just by accelerating the path to profit for businesses, but also through our foundation arm, we’ll invest in programs to re-train and up-skill workers whose jobs may be displaced.”
Sivadasan graduated from the University of Kerala and began his career in Thiruvananthapuram. He later studied at the Stanford University Graduate School of Business and became the group president of US-based firm Envestnet Retirement Solutions.
He launched JIFFY.ai in 2018.
Massive growth in 18 months
Over the last 18 months, JIFFY.ai has built a team of 150 global employees, and a customer base of over 20 enterprises.
The Series A funding led by Nexus Venture Partners with participation from Rebright Partners, W250 Venture Fund (founded by alumni of the Stanford Executive Program).
A number of C-level business leaders led by Charles Goldman (CEO of AssetMark), Richard Galanti (CFO of Costco), Sri Viswanath (CTO of Atlassian), Tony Thomas (former CIO of Nissan Motors), and Bob Ward (former COO SunGard Wealth and Retirement) have also invested in the firm.
The company is pursuing a responsible path to AI innovation and the new funding will be used to deliver on its vision, grow the team further and scale its product roadmap and existing customer base, which already comprises Fortune and Global 1000 companies.
According to Deloitte, nearly every company in the world will be using robotic process automation (RPA) in some form within the next five years, as attempts to automate manual tasks in verticals like operations, HR, and accounting have fallen short.
Gartner also estimates that by 2024, low-code application development will be responsible for more than 65 per cent of application development activity.
Nearly all of Jiffy's clients testify that enterprise automation has helped them in improving their firm's efficiency.
JIFFY.ai has more than 50 clients and partners, including many that are part of the Global and Fortune 1000. Clients include major technology companies, Big 4 consulting firms, and major real estate companies, among others.
