Tray.io, a San Francisco, CA-based low-code automation and integration, announced that it raised $40 million in funding to solve the business process inefficiencies companies encounter when undergoing rapid digital transformation.
New investor Canada Pension Plan Investment Board (CPP Investments) joins current investors True Ventures, GGV Capital, Spark Capital, Meritech Capital Partners, and Stepstone Group in extending Tray.io’s $50 million Series C funding round.
The capital infusion will accelerate Tray.io’s product development and fuel go-to-market initiatives. Tray.io experienced a 115% increase in year-over-year revenue, largely driven by upper mid-market and enterprise customers with more than $100,000 of the annual contract value.
Additionally, the number of tasks running on its platform increased by 444%, highlighting the high rate of user adoption and the value of the automation that customers are building with Tray.io.
“Digital transformation and the shift to the cloud has forced an evolution in enterprise architectures in order to take advantage of the scale, elasticity, and economics now available, exposing the shortcomings of legacy approaches to iPaaS. Legacy products bring outdated constructs such as manual provisioning, limited scale, long development cycles, and heavy maintenance,” said Rich Waldron, Tray.io Co-founder and CEO. “Our objective with this latest funding is to create a world where anyone in any department can solve business problems without the constraints of poorly adapted technology. By placing automation in the hands of each department rather than a limited few, the Tray way empowers people to transform their fragmented processes into powerful business outcomes and avoid being caught in the digital transformation backdraft.”
Company: Tray.io, Inc.
Round: Series C EXT.
Funding Month: September 2022
Lead Investors: Canada Pension Plan Investment Board (CPP Investments), True Ventures, GGV Capital, Spark Capital, Meritech Capital Partners, and Stepstone Group
Company Website: https://tray.io/
Software Category: Low-code Automation Platform
About the Company: Tray.io is a low-code automation platform that can easily turn unique business processes into repeatable and scalable workflows that evolve whenever business needs change. Unlike iPaaS products, which are expensive, complex, and code-intensive, Tray.io’s flexible self-service platform makes it simple to build integrations using any API and connect enterprise applications at scale without incremental costs. Process innovation is today’s competitive advantage since companies can no longer differentiate on their tech stacks alone. The promise of SaaS led to an avalanche of siloed point solutions that require businesses to force their processes into the rigid, predetermined schema. The Tray Platform removes these limitations, empowering non-technical and technical users to create sophisticated workflow automation that streamlines data movement and actions across multiple applications.