Rewst Inc., the provider of an automation platform for managed service providers, announced Thursday that it has raised $45 million in fresh funding led by Sapphire Ventures.
Existing investors Meritech Capital and OpenView also participated in the round. The fundraise brings the total capital raised by Rewst to date to $104 million.
Managed service providers remotely manage the information technology infrastructure for companies that lack in-house resources for those systems, which means that they need to support many different interconnected services including networking, storage, messaging, AI, security and monitoring. Rewst provides what the company calls robotic process automation, which allows MSPs to create workflows using existing IT tools and apps.
The company provides native support for common MSP tools and automates end-to-end processes, either by installing prebuilt automations that the company calls Crates or by simplifying the process of building their own via a visual interface.
The system includes RoboRewsty, which uses generative artificial intelligence services supplied by OpenAI to assist with the automation-building process. Custom Integrations is another service that generates actions that can be used in workflows by dragging and dropping Swagger or OpenAPI docs directly into the visual canvas. Version control allows users to roll back workflow history with just a click if something goes wrong.
Recently Rewst began developing App Platform, a low-code tool designed specifically to provide businesses the capability to build branded web apps. The new tool unifies all the underlying tools, data, forms and automation in one place so that employees don’t need to go searching and can easily pull them together. It can be used to build self-service portals, internal cross-platform analytics systems, project management apps, client onboarding flows and more.
The company reported that more than 900 MSPs have used its platform and built more than 274,000 automations. In a recent 30-day period these businesses ran workflows more than 101 million times and self-reported savings exceeding 675,000 hours.
“Even with these numbers, the MSP market is so large that we are still in the early adopter phase,” said Aharon Chernin, Rewst’s founder and chief executive. “These early adopters are using automation as a competitive edge against their peers.”
The managed services market was valued at $243 billion in 2022 and is expected to rise from $262 billion in 2023 to reach an estimated value of $529 billion by 2031, according to a report from SkyQuest. The analysis noted a significant part of the market is being shaped by emerging technologies such as AI and machine learning, as well as the need for the management of cloud technology. By catering to users such as the public sector, and small to medium-sized businesses by allowing organizations to simplify the shift to digital and cloud solutions, the industry has seen significant growth.
Rewst said it will use the investment to invest in its community and education outreach alongside furthering the development of its platform to help MSPs drive more business value through automation.