Berlin, Germany-based business-to-business (B2B) transaction automator, Workist raised EUR 9 million in recent funding. The Series A round took place on September 26, 2022. Earlybird Venture Capital led the financing for the firm. Meanwhile, existing investors, including 468 Capital, LEA Partners and another.vc, joined in the investment.
So far, the company’s total funding amounts to EUR 12 million.
Purpose of financing for Workist
With the fresh proceeds from the Series A round, Workist has plans to strengthen the product and technology team.
It also wants to expand the range of applications. The company further seeks to enhance its AI-enabled platform that frees up the administrative burden and makes document processing a whole lot simpler. The SaaS startup aims to expand its automation tool to global B2B companies.
What the founders have to say
Speaking on the recent funding, Tim Wegner, co-founder of Workist, said, “Similar to the steam engine in the 18th century, AI will lead to a veritable explosion in the automation of human labour – but this time of office work. With Workist, companies can significantly increase their efficiency and leverage the potential of AI today.”
In addition, Alexander Müller and Dr Fabian Brosig, co-founders of the SaaS startup, Workist, added, “With Workist’s solution, incoming documents can be processed completely automatically and without manual typing, regardless of the format. Workist fits elegantly into existing processes and is compatible with all common enterprise IT systems, creating a kind of intelligent link between ERP systems at different companies.”
What the investor has to say
Dr Andre Retterath, Partner at Earlybird, further added, “The increase in international trade transactions between companies so far has always led to an increase in tedious, repetitive manual work. The Workist team is poised to change this and replace manual document processing in B2B transactions, fundamentally changing the way businesses interact globally. Workist explicitly targets the often overlooked small and medium-sized companies that are global market leaders and sell their products internationally. We look forward to seeing how Workist revolutionizes the way businesses communicate with each other.”
About the company
In 2019, Tim Wegner, Alexander Müller and Dr Fabian Brosig launched the company. Workist was previously known as outsmart.ai. The Berlin-based SaaS startup aims to automate all the document processing aspects of B2B transactions. WorKL, the company’s AI platform, comprehends the business documents such as purchase orders, invoices and delivery bills. It further automatically processes all relevant information to automate commercial transactions fully. Since its inception two years ago, the company has catered to over 50 customers. It also reached a seven-figure revenue in the same period.
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