Why Tray.io wants to put hyperautomation on the computing map

Why Tray.io wants to put hyperautomation on the computing map

Tray.io, a maker of next-gen automation/integration software, wants to own the emerging hyperautomation industry. It does this by planning to deliver new low-code automation tools through IPaaS (integration platform as a service) to upgrade legacy systems to much faster hyper-automated units.

The San Francisco-based company, which recently celebrated its 10th anniversary and today revealed an influx of $40 million in new venture capital funds, is enabling companies to solve their business process problems using a new wave low-code automation development for on-line business users. “It will put the power in the hands of the team members best positioned to solve them,” CEO and co-founder Rich Waldron told ZDNET.

What exactly is hyperautomation, you ask? It’s akin to DevOps, which combines the strengths of development and operations to accelerate and automate software production. Hyperautomation is a disciplined, business-focused IT approach used to quickly identify, control, and automate as many business and IT processes as possible. It involves the rapid orchestration – using SaaS – of multiple technologies, tools, or platforms, including artificial intelligence (AI) and machine learning.

Examples of current use cases for hyperautomation include understanding documents using OCR (optical character recognition); quickly read multiple emails using NLP (natural language processing); forecast inventory and improve automation flows using AI/ML.

Tray.io’s highly scalable cloud service enables business and technical users to connect disparate systems and create hyperautomation workflows. For example, team members who need to solve departmental process issues such as revenue operations, HR onboarding, financial cash quote, or IT user provisioning no longer need to rely on a third party to solve the back-end complexity of integrations (this includes testing, error handling, logging, resiliency, cost and security).

Waldron told ZDNET that the Tray.io platform not only puts systems in place to utilize hyperautomation, but also helps address the unintended consequences of digital transformation.

“Digital transformation and the move to the cloud have forced enterprise architectures to take advantage of the scale, elasticity and economics now available, exposing the shortcomings of legacy iPaaS approaches,” said Waldron. “Legacy products bring obsolete constructs such as manual provisioning, limited scale, long development cycles, and heavy maintenance.

“Our goal is to create a world where anyone, in any department, can solve business problems without the constraints of mismatched technology.”

Gartner Research claims that the need for hyperautomation is creating a total software market that will reach $860 billion by 2025.

Tray.io’s new $40 million in funding will go primarily to developing new products, Waldron said. Investors included Canada Pension Plan Investment Board (CPP Investments), True Ventures, GGV Capital, Spark Capital, Meritech Capital Partners and Stepstone Group, bringing Tray.io’s total venture funding to 109 .1 million.

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