Reading based Toca secures £2m extension to seed funding
Toca, which says it is the provider of the world’s first enterprise automation fabric, has announced £2 million of funding from private investors – an extension to the £1.4m raised since 2018. Toca allows users to integrate and control any systems, automate any business processes, extract insights or transform data on the fly and build software applications. All without a single line of code.
Organisations are under more pressure than ever to digitally transform. While robotic process automation (RPA) has been successful in helping businesses start this journey, the technology is built on aging foundations, requiring time, money and high code developer skills to implement. Meanwhile, emerging no code application development environments often don’t enable integration with the legacy platforms that continue to underpin the vast majority of enterprises. With this £2m investment, Toca is set to disrupt both these markets, which are predicted to have a combined value of $20bn by 2027.
Toca goes beyond traditional RPA by integrating people through apps to deliver business transformation. Toca’s fabric is embedded into a business to enable control of any system, shaping of any data, automation of any process and rapid development of apps – from simple web portals to complex, logic-based applications. This addresses the problem of data silos between legacy systems and modern applications and APIs, by combining RPA and direct integration in a single no code platform. As the Toca fabric is threaded throughout the enterprise, digital transformation projects are delivered faster, at lower cost and with minimal technical debt.
“This £2m of funding will enable us to accelerate business growth and build awareness of the transformational capabilities of a no code apps and automation fabric combination,” said Mat Rule, Founder and CEO of Toca. “Toca enables businesses to breathe and innovate. We’ve built the Toca apps and automation fabric to bridge legacy and cloud-native environments and address the integration problems that have plagued IT for decades. We are democratising application building so businesses can automate enterprise wide. This will help organisations shift from using technology to solve just 5% of business problems, to finally address the remaining 95%.”
Toca has built strong momentum since it was founded in 2018, achieving more than 257% growth in FY21. The company has a roster of clients spanning the healthcare, legal, utilities, not-for-profit, retail and tech industries, and is using this new round of funding to strengthen and mature its own internal processes, bolster sales and marketing, and accelerate revenue growth.
