Business operations automation startup Toncan announced this morning that it has closed the $50 million Series B round. Axel led the round, which came just a year after the launch of the $24 million series in Lightspeed Ventures, which led the company’s previous venture capital round, to its new funding event. Sagi Eliahu, co-founder and CEO of Tonkian, told TechCrunch in an interview that his organization’s valuation has increased nearly 4 xs in its latest funding round.
As part of the rapid growth in 2020, the startup was able to secure more capital at higher prices, which Eliahu said was concentrated in the second half of 2020. Tonken is an interesting combination of business process automation, no-code and human. In short, startups allow an organization’s opt-in group – sales ops, marketing ops, etc., to set up automated business logic in applications that can include man-in-the-loop elements.
And Tonken has made its system as IT-friendly, allowing it to support enterprise-scale customers. Automation spaces have been extensively heated in recent times. Robotic Process Automation (RPA) is great for mechanizing repetitive tasks that waste human time. The way people use computers to make stuff by clicking a lot has proven to be big business before.
Tonken is an interesting combination of business process automation, no-code and human. In short, a startup allows a group of apps – sales ops, marketing apps, etc. – to place automated business logic in applications that may include human-in-loop elements, and Toncon has set its standards by allowing enterprise-level customers to support it. The automation sector has been heating up in recent months. Robotic Process Automation (RPA) is great for mechanizing repetitive tasks that waste human time. The way people use computers to do things that used to be done on computers with lots of clicks has proven to be big business.
Tonkian allows something different. An example might help: During our interview, Eliahu wondered what could happen if the salesman of a Tankian client wanted to lead a nurturing campaign. Tonkian Sales Ops will allow the team to argue that when a frontline salesperson selects leadership for a nurturing effort within their CRM, the leadership is automatically involved in a specific marketing campaign.
