The novel coronavirus pandemic has forced many non-essential businesses across the US to close their offices in a bid to stop the spread of the virus. The disruption caused by the virus has diminished consumer demand and severely impacted the day-to-day operations of firms of any size.
Sergey Yudovskiy, Dmitry Karpov, and Mikhail Rozhin started ElectroNeek to help businesses increase their productivity, given the necessity for remote work during the pandemic.
ElectroNeek picked up $2.5 million in their seed round led by 645 Ventures, with participation from Soma Capital, I2BF Global, and other funds and angel investors. The San Francisco-based startup was recently in Y Combinator’s (YC) Winter 2020 batch.
645 Ventures General Partner Nnamdi Okike says, “The Robotic Process Automation market is growing rapidly. Yet, there has been a void because traditional RPA solutions are not easily adopted by small to medium-sized companies, due to technical and cost barriers. ElectroNeek makes it very easy to adopt RPA without requiring advanced technical skills or changes to IT infrastructure, combined with an innovative business model.”
Aaron Harris, one of the YC partners who worked with the trio during the Winter 2020 batch, says, “ElectroNeek is solving a significant problem for businesses of all sizes.
They’ve taken the best parts of RPA and packaged it so that any business can streamline their processes. In a world where working from home is an increasing part of life for all companies, the ability for individuals to rapidly spin up scalable processes on their own will be a significant advantage.”
Corporations across the globe are investing more resources into technologies that can eliminate mundane work. The rapid growth of the overall RPA market and competitors in the space reflects the demand for these tools.
The recent global pandemic adds a layer of complexity to automation. With the departure to working from home to prevent the spread of the pathogen within the office, some businesses are unable to access critical legacy systems. They may lack configured instruments to access said systems remotely or such access may not be a fit for company security policies. Therefore, key workflows are brought to a halt without those systems in operation.
The business case to delegate execution of critical workflows to RPA bots, hosted on existing IT infrastructure inside the company’s security perimeter, becomes stronger. Building RPA bots has been the expertise of external consultants, assuming they have the necessary security authorizations in place. Even if they do have access, external consultants who do not have specific knowledge of that company’s workflow before implementation will struggle to create the necessary bot automation.
“ElectroNeek provides clear business efficiency benefits to the US companies that face challenges of massive remote work and uncertain customer demand. While most RPA vendors require extensive on-site consulting resources to deploy, resulting in many enterprise automation projects being put on hold due to volatile market conditions, ElectroNeek can be quickly implemented by internal Citizen Automators [business operators].
Thus, even in unprecedented, massive work-at-home situations, our clients can significantly improve enterprise productivity. Joining our efforts with 645 Ventures and other investors will allow us to grow our sales, partnerships, and customer care teams, ultimately increasing our RPA market share.”Sergey Yudovskiy, ElectroNeek CEO
The critical innovation of ElectroNeek’s solution is designing that platform to be used by business operators within the company. By lowering, if not outright removing the necessary expertise needed to build bot automation, ElectroNeek has made RPA more of a self-service process rather than a boutique implementation task.
For mid-market corporations, the agency given to them by ElectroNeek’s platform allows for customized automation solutions to be developed in-house, both lowering the cost and raising productivity higher in a rapid fashion. The cofounders are also focusing on having their bots be deployable on virtual machines to allow greater flexibility in scaling the infrastructure based on core business needs.
The benefit of their approach is two-fold. First, their platform drives the ability for self-service among teams and departments. Second, these same optional external consultants can be brought in to provide efficient solutions to more complex, in-depth automation problems.
CIO Karpov states, “The ability of in-house developers to rapidly build bots that take on employee tasks in 2020 is essential for companies which are either challenged by disruption of customer demand or challenged with a surging number of client requests (orders, claims, support). Whether you want to do the same tasks with less employee input or more with the same headcount, ElectroNeek can help.”
The three cofounders have a beneficial combination of technical and business expertise built on long-lasting relationships. Before ElectroNeek, Yudovskiy ran a top-tier UiPath implementation consultancy, giving him an intimate knowledge of the technical limitations of leading RPA solutions.
Karpov is a former member of Ernst & Young’s Global Innovation Team, where he helped sell RPA solutions to Fortune 500 companies across the globe. He understands the value proposition of RPA, having sold it to business decision-makers at various international corporations.
Rozhin is an expert in visual programming, having worked at top Swiss cybersecurity firm Acronis. These three are building ElectroNeek to enable businesses to do more with less.
CTO Rozhin states, “We will continue to execute on our product vision of making RPA easy for Citizen Automators, whether they are in IT or are just motivated business users.”
The article originally published on Forbes