| Company type | Private company |
|---|---|
| Industry | Robotic Process Automation |
| Founded | 2015 |
| Headquarters | Singapore, SG |
Key people | Asheesh Mehra (Co-founder and CEO), Govind Sandhu (Co-founder and CFO) |
| Products | ANTsteinTM RPA |
Number of employees | 200 |
| Website | www.ant.works |
AntWorks is a software company that develops a platform for Robotic Process Automation (RPA). AntWorks is headquartered in Singapore and has delivery centers and offices in Singapore, Australia, India, the Philippines, Qatar, Sri Lanka, the United Kingdom, and the United States.[1]
History
editThe company was co-founded by Asheesh Mehra and Govind Sandhu[2] in 2015. Asheesh Mehra was formerly the Head of information of Infosys Technologies’ BPO operations in the Asia Pacific, Japan and Middle East regions.[3][4] Mehra had been involved with Infosys for seven years.[2] They founded the new company to cater to the financial services and healthcare industries.[2] It was initially headquartered in Singapore, with three delivery centers in India[2] including an office in Mumbai.[5] It initially had seed capital of $8 million.[2]
In June 2015, it was announced that the company was planning on acquiring two American firms.[6] In October 2015, the company purchased Benchmark Systems, a company based in the United States.[7][8] At the time, AntWorks primary delivery system was in Pune, India.[8] Its first year, the company had $11 million in revenue.[7] In March 2016, the company hired Greg Hackney to lead healthcare.[9] In June 2016, the company announced it had upped its three-year revenue goal to $50 million and was scouting for acquisitions.[7] The CEO attributed the increased goal as a result of the company's "transparent" pricing system.[7]
The 2018 research paper "Banking Automation & Roboadvisors: Cost Analyses, Impacts & Opportunities 2018 -2022" by Juniper Research identified Antworks as one of 5 robotic process automation vendors that are current market leaders in delivering advanced cognitive, or intelligent RPA solutions.[10] As per the report, the other vendors include IP Soft, Pegasystems, Wipro and Workfusion. The study highlights IP Soft and Antworks as one of two vendors that provide AI-integrated RPA solutions that use both knowledge-based and pattern-recognition based AI to generate dynamic process execution.[11]
Major Products
editAntWorks’ primary go-to-market product is ANTsteinTM.
ANTsteinTM is an AI-based RPA software product designed to understand structured as well as semi-unstructured data types such as handwriting and forms, as well as broader cognitive capabilities including pattern recognition, photos and images. It consists of Integrated technical and operational capabilities in a BOT which can be configured and trained for any process. These bots can be created in a code-free environment, and allows automation of complex processes. ANTsteinTM integrates cognitive Machine Learning and autonomous automation into a single technology stack.[12]
ANTsteinTM is a content based, object retrieval framework with the capability to acquire and adapt to new information as part of its learning mechanism. This enables it to effectively handle business processes that require reasoning. With a cognitive machine reading based engine, ANTsteinTM has the ability to independently re-engineer itself while evaluating new data. Its dynamic learning engine allows ANTsteinTM to analyse and resolve problems simultaneously. Consequently,it can single-handedly complete laborious jobs of large teams, faster and with better accuracy, empowering enterprises to provide better customer service. For instance, a request for change-of-address would take ANTsteinTM only a minute to process, while a manned process would take hours (or could easily extend to days)![12][13]
Key applications of ANTsteinTM can include Risk & Resilience Management, Counter Fraud & Savings Optimization, Industry Analysis Analytics & Insights, Organization Design & Process, Human Resources and Talent Acquisition, and Business Transformation.
AntWorks has Enterprise Search and Machine Learning functions to support extraction of data, (for example) from legal documents. The combination of Computer Vision and pattern recognition allows AntWorks to provide one single solution whereas many other service providers have "painstakingly integrated different tool sets".[14]
ANTsteinTM has been categorized by Informationweek.com as a tool that's being adopted to tackle cognitive heavy processes, such as those that require Unstructured Data Processing - described as a leading challenge faced by industries today. ANTsteinTM is listed as being in the same peer group category as products such as IBM’s Watson, Genpact’s RAGE, and IpSoft’s Amelia. [15]
AntWorks has two business models - Business Process as a Service (BPAAS) and Technology as a Service (TAAS).[5] Its products cater to medium and small financial institutions, major hospital chains, clinics, and insurance providers.[2] Concerning health care, predictive analytics are used to deal with billing, patient management, and disease management.[2] It provides healthcare services in limited countries: the United States, Singapore, India, Qatar, the United Kingdom, and the Philippines. One of its products is the AntWorks Solutions Suite for healthcare.[16]
The company develops software that can decipher unstructured data, as well as image-based data. According to the company, the "AntWorks solution" can be trained with machine learning to extract and process data automatically.[17] ANTsteinTM is an "intelligence suite", a "softbot" for businesses to analyze situations.[18]
See also
editReferences
edit- ^ "AntWorks: Realizing the new with AI and Automation". December 2015.
- ^ a b c d e f g Gooptu, Biswarup, "Former Infosys' BPO honcho Asheesh Mehra resigns from company to start own venture Antworks", Economic Times
- ^ Gooptu, Biswarup (11 June 2015). "The Economic Times: Former Infosys' BPO honcho Asheesh Mehra resigns from company to start own venture Antworks". Retrieved 11 June 2015.
- ^ Amit Gera, Komal (15 June 2015). "Business Standard News: Asheesh Mehra exits Infosys, starts Antworks". Retrieved 15 June 2015.
- ^ a b "Former Infosys BPO head Asheesh Mehra sets up Antworks", The Economic Times, June 15, 2015
- ^ "Former Infosys' Asheesh Mehra's startup BPO Antworks to acquire 2 firms in US", The Economic Times, June 30, 2015
- ^ a b c d Mendonca, Jochelle (June 13, 2016), "Antworks raises 3-year revenue goal to $50 million", The Economic Times
- ^ a b Gooptu, Biswarup (October 6, 2015), "AntWorks acquires US firm Benchmark in Rs 33 crore all-cash deal", The Economic Times
- ^ Mendonca, Jochelle (March 16, 2016), "Antworks hires Greg Hackney as head of global healthcare services to drive growth", The Economic Times
- ^ "Banking Automation & Roboadvisors > Banking Automation & Roboadvisors: Cost Analyses, Impacts & Opportunities 2018-2022". Juniperresearch.com. Retrieved 6 February 2018.
- ^ "Robotic Process Automation In Banking To Generate $900 Mn Revenue By 2022". 7 February 2018. Retrieved 7 February 2018.
- ^ a b "AntWorks: Enabling Intelligent, Integrated, end-to-end Automation". January 2018.
- ^ "AntWorks: Realizing the new with AI and Automation". December 2017.
- ^ Fersht, Phil; Reuner, Tom (February 22, 2017). "It's here, it's real... it's the 2017 RPA Blueprint deal!".
- ^ Baritugo, Jean Paul (October 30, 2017). "Critical Advice for Starting an RPA Program".
- ^ Healthcare Services, AntWorks, 2018
- ^ Digitization, AntWorks, 2008
- ^ Enterprise Intelligence, AntWorks, 2018
