Meritech Capital-Led Round Brings the General Automation Leader’s Total Funding to $109 Million
Tray.io, whose General Automation Platform enables citizen automators in any business role to build enterprise-class integrations and automation themselves in a low-code environment, has closed an October $50M Series C funding round just five months after its previous raise at the end of April 2019. The round is led by Meritech Capital alongside existing investors Spark Capital, GGV Capital, and True Ventures, who participated over their pro rata amounts.
“This is a clear confirmation that the automated organization is the future of work for the enterprise. Over time, we’re seeing successful firms drive impressive growth by shifting from a scattershot, ad hoc technology mindset to building an automated central nervous system,” said Rich Waldron, Tray.io’s CEO and co-founder. “We’ve seen general automation act as the new growth engine for rapidly-growing companies as they solve integration challenges and scale operations with low-code general automation. That’s why we’re doubling down on hiring the best team in the world, including veteran executives from ServiceNow and Duo to serve our incredible customers so we can continue to earn the world-class customer ratings they’ve awarded us.”
“General automation is showing nonstop momentum in a marketplace that’s hungry for integration support and efficiency lift,” explained Alex Kurland of Meritech Capital. “The need to provide cohesive customer experience across the entire buying journey demands ongoing digital transformation. To scale with the exponential increase in software and customer data, companies need to take full ownership of their data with general automation. Not just in IT, but for line-of-business roles across the entire organization. There’s no limit to the upside for general automation in today’s marketplace, and Tray.io is the undisputed leader in the category.”
Within the past 12 months, Tray.io has seen:
- Record-breaking revenue growth: Growing bookings by more than 500%, beating quarterly sales targets 2 years straight
- Increasing adoption from enterprises and rapidly-growing firms: Continuously grew overall customer with adoption by industry leaders such as VMWare, Pearson, and Udemy joining SAP, Arrow Electronics, Lexmark, and New Relic
- Rapid talent expansion: Expanded talent in North America and Europe by 3x overall in every area, year-over-year, across sales, marketing, customer services, and development.
- Accelerating innovation: Over 300 new connectors, connector updates, and product enhancements, including to SAP S/4HANA and Qualtrics, Ellucian, Magento, Microsoft PowerBI and Azure, Okta, and OneLogin, as well as powerful new automation features around error handling, version management, team collaboration, low-code automation building; and the introduction of Tray Embedded that enables ISVs to add general automation to their own platforms
- Fast-growing partnerships across lead management, customer engagement, customer data platforms, collaboration, including DropBox, Drift, Segment, Zendesk, Salesloft, Copper, Qualtrics, Intercom, and Marketo
Tray.io will deploy the new funding to support strategic hiring across its entire team, as well as continuing investment into product development. Tray.io offers a General Automation Platform that empowers business users in any role to easily integrate any software to seamlessly flow data while building powerful automated workflows in a low-code environment to orchestrate complex business processes, as well as an Embedded edition that enables product leaders to seamlessly embed software integrations within their own products without development resources or any need for future maintenance. Line-of-business users trust the Tray Platform to do more faster and scale revenue and efficiency without any need for dev resources. Engineering and IT teams use the company’s products to centralize and rapidly build out and maintain enterprise-wide integrations with minimal resources. Tray.io’s products offer an easy-to-use, clicks-or-code interface, and are built on modern serverless architecture that reliably runs billions of automated tasks monthly to process, manage, and transfer mission-critical enterprise datasets across a variety of micro-services.