Element5 secures $30 mn in Series B funding

Automation-as-a-Service solution provider, Element5, informed that in its Series B fundraising round, it raised $30 million. The Series B round of Element5 was led by Insight Partners. Earlier, in the Series A funding round held in August 2021, Insight Partners invested $15 million in the company. In a press statement, the company told that the raised capital will be utilized to boost the adoption and deployment of advanced automation solutions across various service lines within the $400 billion post-acute care market.

After the successful Series B fundraising round, Joe Randesi, Co-Founder and CEO of Element5 said, “Over the last two years, we have witnessed significant growth in the adoption of our automation technology. The next phase of our growth journey is focused on enabling more health organizations to embrace and operationalize the power of automation with the help of our talented development team in India.”The startup was founded in the year 2019. It leverages artificial intelligence (AI)-powered robotic process automation (RPA) to offer pre-built workflow automation solutions for post-acute care organizations. The startup in India has around 100 members and is based in Chennai.