Siili sells stake in Robocorp to existing PE backers

According to Finnish newspaper Arvopaperi, the company is divesting an undisclosed stake for a price of €4.8m. The transaction is expected to close within two weeks of signing the agreement. 

Robocorp founders Antti Karjalainen and Teppo Koskinen previously worked at Siili in its robotic process automation (RPA) business. 

The company is exiting Robocorp after having first invested in it in January 2019 during a pre-seed funding round, which, according to Crunchbase, amounted to €500,000. 

According to the report, the chairman of Siili, Harry Brade, said in a statement that the three VCs had better opportunities than Siili to develop Robocorp in its next phase, and that Robocorp will remain an important partner of Siili.

Previous funding
Robocorp, reportedly raised €500,000 in a pre-seed funding round in January 2019 from divesting company Siili. This was followed by a $5.6m seed funding round in November 2019 led by Benchmark that also included Slow Ventures, Firstminute Ventures, Salesforce president Bret Taylor and Docker CEO Rob Bearden.

Company
Founded in 2019 and headquartered in San Fransisco, Robocorp provides a cloud platform for RPA and associated open-source tools. It has a subsidiary in Finland and its product development is also done in Finland.

People
Siili Solutions – Harry Brade (chairman of the board).
Robocorp – Antti Karjalainen (CEO, co-founder);Teppo Koskinen (co-founder).

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