Process platform EvoluteIQ accelerates its evolution

Low-code business process automation platform provider EvoluteIQ is going through its own accelerated evolution – almost trebling its headcount in the last six months.

The rapid adaptation has been driven by strong demand, and robust revenues delivered in the form of multi-year license subscriptions, says investor Confidus Venture Capital. Since launch in 2019, the company has built out a roster of 20+ enterprise customers including US-based healthcare and agriculture companies, a multi-national consumer brand, a UK motor vehicle insurer and a European bank. Through partners, it delivers to additional enterprises in BFSI and Healthcare.

A suite of capabilities from AI through BPM, OCR, blockchain, and beyond

Now headquartered in Sweden, EvoluteIQ started life with a platform developed over more than a decade – the business is a carve out from Bangalore-based Quadwave Consulting.

Built from the start to meet cloud native needs, the platform offers a suite of capabilities built on low-code / no-code. The platform can be as easily deployed on-premise and in hybrid configurations. It delivers Business Process Management, AI, ML, data analytics, Internet of Things (IoT), RPA integration, OCR, blockchain, and data processing – all as drag and drop modules. The blockchain module has been deployed in agriculture – tracking and validating the journey from seed to bottle in the production of hemp oil, and is also being applied in entertainment rights management.

EvoluteIQ says one advantage it claims over its low-code rivals is that it is architected to handle and analyse the large volumes of transaction data that both workflow and Internet of Things connected devices can generate as part of an end-to-end-process – supporting AI/ML or blockchain-based data enrichment for the enterprise.

The vision is to simplify technology for citizen users

The vision of the business is to simplify the use of technology for citizen users – enabling business process specialists to design end-to-end automation without having to be technical experts. The team is keen to emphasise it’s not a rip-and-replace technology, either – but one which compliments tech investments already made – with 200 connectors to make configuration easy without the need to employ experts in integration.

Stockholm-based Confidus Venture Capital doubled its investment in the firm early in 2021 betting on increased revenue growth for its end-to-end platform: e.IQ. In March Nordea signed up as EvoluteIQ’s strategic banking partner, providing access to capital to fuel growth.

Investment will focus on scaling direct customers, initially, with ambitions to build-out a partner network on hold until the team feels it is making enough noise to cut-through with the larger SIs.

HFS Research published in March – Your Workforce Has Changed. Now, the C-suite must adopt a Native Automation mindset – revealed Global 2000 enterprises are ramping up spending on automation technologies across the board.

Tie-up with WNS enables domain-led OneOffice workflows in the enterprise

Evolute has already attracted the attention of global business process management provider WNS. The e.IQ platform has been adopted by them to power the WNS domain-led automation suite, combining WNS domain expertise, process intelligence, and agile practices, with the e.IQ platform.

In line with HFS OneOffice Vision 2025 – the combination enables the enterprise to deliver integrated customer journeys across disparate technologies and processes to support the orchestration of a digital workflow across customer/front-office /back-office systems. It’s this end-to-end workflow capability that we recognize in the placement of EvoluteIQ in Exhibit 1.

Exhibit 1: The HFS OneOffice Emerging Tech Platform

Source: HFS Research, 2021. Examples are representative

EvoluteIQ also partners with JK Tech, RGP and Antares – in each case partners who have been willing to both use the platform to build their own solutions and to take these – and the platform, to their customers.

Growing with the acquisition of app and orchestration platform AmperAXP

EvoluteIQ is privately held with a presence in Stockholm, Sweden, Bengaluru, India, London, UK and Newark, California. CEO Sameet Gupte joined from Servion (a Cisco portfolio company) and has prior executive-level experience at Virtusa and Genpact.

The amounts invested in the two-year journey to date are, as yet, undisclosed. But the business has had the cash to pursue an inorganic growth strategy, completing the integration of California-based AmperAXP and its unified orchestration platform for drag-and-drop app development, in January this year.

AmperAXP CEO and co-founder Arun Hiremath became chief business officer for the newly combined business in the Americas. Its co-founder Sanjay Koppikar took on the role of EvoluteIQ’s Chief Product Officer responsible for Engineering and R&D.

EvoluteIQ offerings apply in a broad range of functions and domains

The platform has been used in regulatory responses and claims processing, ‘touchless’ accounts, receivables and reconciliation, IBOR/LIBOR transition compliance, credit risk and loan disbursement, and real-time churn and propensity-driven CRM. It has also been applied to social media marketing and sentiment analysis-driven customer service, seed-to-store traceability (applying blockchain), and revenue cycle management in healthcare.

The Bottom line: This smorgasbord offering can be focused to increase its appeal

Potential customers will be reassured by the deal struck with Nordea – offering support against the cash-flow challenges and other growing pains of rapidly evolving businesses. The battle now, for the Scandinavian-backed company, is all about increased direct sales. To achieve those, they must cut-through what is something of a smorgasbord of an offering. Focusing on the benefits of tasty morsels on their menu that are not found on others, is the way they will encourage customers to keep coming back to their table.