Stockholm-based EvoluteIQ AB, an artificial intelligence business automation platform, today announced it raised $53 million in minority growth capital led by Baird Capital to fuel the global expansion of the company’s agentic AI services.
Founded in 2019, the company provides a platform called EIQ for enterprise businesses to automate complex processes using proactive AI systems. Under the hood, the company uses large language models and AI agents as part of its proprietary Agentic Mesh Architecture that allows users to define processes, event flows and automate decisions by connecting to enterprise data and software tools.
“The agentic AI market represents a fundamental shift from reactive automation to proactive, intelligent orchestration,” said Sameet Gupte, co-founder and chief executive at EvoluteIQ.
Agentic AI refers to artificial intelligence systems that go beyond ordinary generative AI chatbots to deploy autonomous agents capable of breaking down tasks and completing goals prescribed by the user. AI agents operate with predefined goals and use an understanding of enterprise data to complete actions on behalf of users.
Business users can define goals, event flows and more using a no-code drag-and-drop interface and set rules and outcomes in plain language. For example, “Auto-approve loans if credit score over 700.” Advanced users can explore data connectors, software tools, thinking and automation processes to define complex workflows in a collaborative low-code workspace.
Users can define goal conditions, exceptions, and escalations in plain language for the underlying agents to follow, much like human employees adhering to company policies. Decision modeling can be developed using flowchart-style tools, which help users visually understand the reasoning paths that lead to various outcomes.
The company said its platform provides the needed scaffolding for business automation across industries, including banking and financial services, insurance, healthcare, telecommunications and manufacturing.
The round follows EvoluteIQ’s previous $20 million funding round led by Round2 Capital just under a year later.
With the fresh funding, the company said it will continue to prioritize India, where EvoluteIQ has established its largest research and development center in Bengaluru. It also intends to scale up its operations internationally, while making a significant expansion in India, with plans to hire additional talent.
“India has been instrumental in our journey, providing the technological backbone of innovation for our global success,” added Gupte.
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