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{"id":36250,"date":"2023-06-29T22:48:55","date_gmt":"2023-06-29T22:48:55","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/06\/29\/workflow-automation-startup-parabola-raises-24m\/"},"modified":"2023-06-29T22:48:56","modified_gmt":"2023-06-29T22:48:56","slug":"workflow-automation-startup-parabola-raises-24m","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/06\/29\/workflow-automation-startup-parabola-raises-24m\/","title":{"rendered":"Workflow automation startup Parabola raises $24M"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/28\/parabola-workflow-automation-startup\/<\/a><\/br>
\nWorkflow automation startup Parabola raises $24M<\/br>
\n2023-06-29 22:48:55<\/br><\/p>\n

\n

Parabola<\/a>, a San Francisco-based startup that uses AI to help expedite back-office processes, particularly in the logistics and e-commerce sectors, today announced that it raised $24 million in a Series B funding round led by OpenView, with participation from strategic investor Flexport alongside Matrix, Thrive, Good Friends, Webflow, Otherwise Fund, Abstract Ventures and Merus Capital.<\/p>\n

Alex Yaseen, Parabola\u2019s founder and CEO, says the new capital will be put toward hiring and product R&D. To date, the company\u2019s raised $34.2 million \u2014 inclusive of the latest tranche.<\/p>\n

\u201cMost software companies struggled in the pandemic shift, but we\u2019ve found success,\u201d Yaseen said. \u201c2023 is the year of the operator, and Parabola is the go-to platform to empower them.\u201d<\/p>\n

So what does Parabola do, exactly? Boiled down to basics, the platform applies AI to automate various workflows. Using Parabola, customers can take documents like PDFs, text message logs, images and emails and have Parabola standardize, enrich or categorize them.<\/p>\n

For example, given a list of product names, Parabola can categorize them according to specific departments, such as \u201cclothing,\u201d \u201chome goods,\u201d \u201cgrocery\u201d and \u201celectronics.\u201d It also can standardize inconsistently formatted invoices and extract the amount, due date, sender information and line items from each into a table. And it can analyze Amazon keyword rankings within a specific time frame, enabling e-commerce teams to optimize their product listings.<\/p>\n

Yaseen describes Parabola as a \u201ccollaborative data tool\u201d for nontechnical users who\u2019d otherwise be stuck with arduous manual processes and spreadsheets.<\/p>\n

\u201cOur core differentiator is our ability to be owned directly by an operations team to build solutions to their own problems without getting bottlenecked on data and IT.\u201d Yaseen said. \u201cThis enables them to automate workflows that otherwise are too fast-changing for engineers to write code on their behalf.\u201d<\/p>\n

Business process automation is a growing trend, with 66% of organizations responding to a recent McKinsey survey<\/a> saying that they\u2019ve experimented with process automation in one or more business functions. The motivation is cost savings, often. A UiPath survey<\/a> estimates that businesses can save an average of $1.5 million per year by automating at least a portion of their processes.<\/p>\n

\"Parabola\"<\/p>\n

Parabola\u2019s workflow automation platform connects apps and automates processes. Image Credits:<\/strong> Parabola<\/p>\n<\/div>\n

Lots of vendors have emerged to meet the large addressable market, unsurprisingly, including so-called integration-platform-as-a-service providers like Zapier, Workato, Tray and MuleSoft, as well as internal-tool-building platforms like Retool and Airplane.dev. Retool has done particularly<\/a> well for itself lately, raising $45 million at a $3.2 billion valuation last July.<\/p>\n

Yaseen makes the case that Parabola\u2019s rivals, though \u2014 even the well-funded ones \u2014 focus less on building logic and more on transferring data between different systems, plus require extensive technical resources to boot.<\/p>\n

\u201cMany users choose to stick with their outdated and mundane processes because it\u2019s what they\u2019re familiar with, and they believe that their complex datasets cannot be automated,\u201d he added. \u201c[But] enterprise leaders can no longer exhaust valuable engineering resources on projects that can be achieved otherwise \u2026 We\u2019ve built a suite of collaboration features that turn the \u2018individual use-case\u2019 into a \u2018company use-case,\u2019 allowing operations teams to\u00a0 align on best practices and ultimately build off one another\u2019s work.\u201d<\/p>\n

Parabola claims to have clients in a \u201cwide range of industries,\u201d including e-commerce, retail, consumer packaged goods and shipping and logistics. The 30-employee startup\u2019s current customer base stands at just over 500 brands, and Yaseen says the plan is to expand Parabola\u2019s headcount to 60 people by the end of the year.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/06\/28\/parabola-workflow-automation-startup\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/28\/parabola-workflow-automation-startup\/ Workflow automation startup Parabola raises $24M 2023-06-29 22:48:55 Parabola, a San Francisco-based startup that uses AI to help expedite back-office processes, particularly in the logistics and e-commerce sectors, today announced that it raised $24 million in a Series B funding round led by OpenView, with participation from strategic investor Flexport alongside Matrix, Thrive, Good […]<\/p>\n","protected":false},"author":1,"featured_media":36251,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-36250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nWorkflow automation startup Parabola raises $24M - 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