New York Software Corporation UntieThe company is developing a codeless platform for corporate insurance and financial services, today announced that it has completed a $ 131 million Series B round led by Alphabet Investment Fund CapitalG. This extends its Series B Added $ 51 million, and raised $ 81 million in Unqork in October 2019. BlackRock-managed funds and accounts, as well as Aquiline Technology Growth and the World Innovation Lab participated.
CEO Gary Hoberman said that this latest round of financing brings the three-year-old company's total funding to more than $ 160 million [following the 2,200 led by Goldman Sachs in April] After the $ 10 million Series A financing], the company will further carry out sales and marketing work and expand its engineering design team, as well as partnerships with companies such as Deloitte, Ernst & Young, KPMG, Virtusa and others. It will also accelerate the momentum of development over the past year, during which time the company's number of employees increased by more than 170 and its revenue increased by three figures. Funding will be used to expand the Unqork community through large events, including No-code on Tour and Unqork Live, the company's first ever user conference [held in New York City in May].
"After more than 20 years of working in the corporate IT leadership department, I can tell you directly that the need for technology leaders has never been stronger," Hobman said. "Unqork enables advanced companies to quickly create with completely codeless visualization tools And manage the most complex, industry-strength software. IT leaders are reporting on the speed of deploying value-creating technology, which is more than 100 times faster than traditional coding. The latest round of financing has provided us with the power to continue to empower these organizations to expand their businesses. Needed resources. "
Unqork provides a cloud-hosted development platform with a drag-and-drop interface that enables customers such as John Hancock, Goldman Sachs, Careerwise, Prudential, Manulife, Liberty Mutual, HSBC, Pacific Life, and Maimonides Medical Center to quickly build applications and reduce costs -effective. Its front-end and back-end-can be deployed into single-tenant, agnostic environments with Amazon Web Services, Google Cloud Platform, and Microsoft's Azure-collates rules, workflows, and databases to support various integrations and data operations, and Extract data directly from trusted sources for real-time use.
To date, Unqork's insurance, finance and real estate clients have deployed procedures that can instantly digitize and check for errors on digital paper applications, as well as handle common service tasks such as beneficiary updates, claim notifications, dynamic contract structures, documents Generation and processing] application contractor promotion. Early adopter Liberty Mutual said it has made significant internal investments in the platform and trained a large number of creators to build applications in Unqork.
"We can directly say that Unqork is changing the financial services industry's view of corporate technology and how it is structured," said Sarah Shenton, vice president of commercial banking at Goldman Sachs. "Time and time again, we see The power of the Unqork platform turns skeptical IT leaders into true believers. "
Research and Markets predicts that the global low- and uncoded markets will grow from $ 2.34 billion in 2017 to $ 27.23 billion in 2022, and Unqork [and sometimes rival Tulip] seems to be successfully passing this wave. Recurring revenue for the past 12 months has remained stable at a three-digit rate, thanks to what the company calls "massive" acquisitions of new customers and retention of existing customers. In addition, Unqork has grown from 30 employees at the beginning of this year to more than 300 today, and recently moved to a fourth office within 18 months-this office is near Union Square in New York.
CapitalG general partner Laela Sturdy said, "In large part, thanks to the adoption of Unqork in the most complex organizations, no code in the enterprise has been widely welcomed." "This round further proves that Unqork has products, teams and Customer needs can continue to change the economics of corporate IT. "