MSP automation software startup Rewst secures $4M funding; plans RPA expansion
Rewst, a Robotic Process Automation (RPA) software developer startup has secured $4M in venture capital funding from multiple investors led by TDF ventures. Other parties that have invested in the startup include GroTech Ventures, Florida Funders, MDJ Group, and the David Bellini and Adam Slutskin duo from ConnectWise.
Ever since its inception, Rewst has tried to differentiate itself from the majority of RPA software companies by focusing on MSPs instead of enterprises. The increased adoption of RMM (remote monitoring and management), PSA (professional services automation) and data protection platforms by MSPs has created a demand for next-generation automation solutions and it is this gap that Rewst is looking to fill.
The company has shared that with this new round of funding, it aims to expand its Robotic Operations Center (ROC) and support integrations into other MSP software tools. The work of the ROC is to connect products and automate routine manual tasks that would otherwise gobble up the precious time of MSPs.
When speaking on the intended value of the ROC to MSPs, this is what Rewst CEO Aharon Chernin had to say, “Rewst clears the hurdle to RPA for MSPs. The ROC monitors active Rewst automation work and builds new workflows to streamline MSPs’ processes. The MSP doesn’t even need to understand what an RPA is to see the value. That’s making all the difference for our MSP partners.”
Rewst is based in Tampa, Florida and has now raised $7.5 million since its launch in 2020.
According to a report from Grand View Research Inc, the global RPA market may hit $10.7 billion by 2027. That translates to a compound annual growth rate (CAGR) of 33.6%.
RPA is not the only sector expected to increase in value. Market forecasts show that the overall MSP automation software market will experience exponential growth in the coming years.
Other startups that are taking advantage of the gap in the MSP automation market include ElectroNeek, Gradient MSP, Liongard and Zomentum.