Adding Fuel to the Fire - Skan Raises $14 Million in Series A Financing
We are delighted to announce the closing of $14 million in Series A investment led by Cathay Innovation and with participation from Citi Ventures and our existing investors – Zetta Ventures, Bloomberg Beta, Firebolt Ventures, and Plug and Play Ventures.
We’d like to thank our team members who’ve contributed to the evolution of Skan's innovative computer vision-enabled process discovery and operational intelligence platform. Secondly, we want to thank our growing list of customers who have reposed faith in Skan’s thesis and product. Finally, a big thank you to our venture partners who continue to believe in our vision and support our endeavors.
Why is the Time Now for Skan?
At the time of our Seed funding, we highlighted the reasons why we started Skan.
“There are decades where nothing happens; and there are weeks where decades happen” - Lenin
We are living in times that are as challenging, as they are unprecedented.
From a micro and personal vantage point, having raised funding more than a few times in the our fairly long entrepreneurial career, if someone had suggested last year that we will end up raising our series A without ever meeting our investors in person and not once stepping out of the home office - it would have been difficult to believe. Yet, here we are. What this tells us is that the systems and mechanisms that surround us have greater flexibility and trust than we give them credit for.
It also shows us that when it is time, we adapt, and adapt fast.
That time is now. At the macro level, the pandemic has accelerated the need for digital transformation. The work from anywhere workforce poses both an opportunity and a risk. And the advent of new cognitive technologies – computer vision, machine learning, and advanced data science – are affording companies like Skan new ways to solve global companies' vexing legacy challenges.
This is also a time when the true meaning of human capital is becoming apparent. Skan’s technology elevates human capital by bringing unprecedented insight into human work. Companies are leveraging Skan's technology to map human digital interactions in business processes, provide transparency into operations, and generate analytics and deep insights to make visual evidence-based and data-driven decisions.
Streamlined operations and efficient processes are essential for any firm to satisfy customers, deliver high-quality products and services, and achieve top and bottom-line goals. Skan is playing a vital role across the operational spectrum.
The capital we have raised in this round allows us to invest in the product, people and the market.
Continue to Build out Skan Platform:
Skan's vision is to be a Fitbit for enterprise operations – from process discovery to ongoing optimization to conformance. To realize this vision, we will strengthen our capabilities, expand the feature set, and focus on client outcomes.
Skan is leading the industry in using computer vision to observe work, machine intelligence and data science to build a metamodel of human work. We will continue to invest in these areas of AI and its application to Process Science.
Scale Our Team:
While we intend to retain Skan's lean and agile structure, we will add new associates across technology, cognitive sciences, sales and customer success. We are building a remote-friendly global team of competent, curious, intellectually honest folks.
Build our Brand Equity and Reach:
Leveraging thought leadership and client successes as anchors, the Skan team will endeavor to enhance our brand recognition and recall across stakeholder groups – prospective employees, customers, analysts, media, and other influencers.
Onwards and Upwards:
We are very excited about the destination and the journey that lies ahead of us. Along with rest of our team we remain true to our vision to be the foundation of the future of work