- Rewst Inc. secured $45 million in new funding led by Sapphire Ventures.
- Existing investors Meritech Capital and OpenView participated, bringing total funding to $104 million.
- The company offers robotic process automation (RPA) for MSPs, integrating with existing IT tools.
- Key features include prebuilt automation, a visual workflow interface, and AI-powered automation assistance.
- Rewst recently launched the App Platform, a low-code tool for creating branded web applications.
- Over 900 MSPs have used Rewst’s platform, creating over 274,000 automations.
- The managed services market is projected to grow from $262 billion in 2023 to $529 billion by 2031.
- Rewst plans to use the funds to enhance its platform and invest in community and education outreach.
Main AI News:Â
Rewst Inc., a prominent automation platform provider for managed service providers (MSPs), has secured $45 million in fresh funding led by Sapphire Ventures. The financing round also included contributions from existing backers Meritech Capital and OpenView, bringing the company’s total funding to $104 million.
As MSPs manage IT infrastructures for businesses without in-house IT capabilities, they must oversee many interconnected services, ranging from networking to AI, security, and monitoring. Rewst’s platform simplifies these complexities by offering robotic process automation (RPA), which integrates seamlessly with existing IT tools and applications to optimize operations.
The platform is designed to support widely used MSP tools and automate end-to-end processes. MSPs can deploy prebuilt automation, known as Crates, or craft customized workflows through an intuitive visual interface. Rewst also features RoboRewsty, an AI-powered tool using OpenAI’s generative technology to assist in the automation-building process. Its Custom Integrations service also allows users to create actions by directly importing Swagger or OpenAPI docs into the visual workflow canvas. The platform’s version control function ensures users can quickly revert to previous workflow states if issues arise.
Rewst recently introduced the App Platform, a low-code tool designed for building branded web applications, to further streamline business operations. This tool unifies all necessary tools, data, forms, and automation in a single platform, making it easier for employees to access and utilize them. The App Platform can create self-service portals, cross-platform analytics solutions, project management apps, and client onboarding workflows, among other applications.
With over 900 MSPs currently using Rewst’s platform, more than 274,000 automations have been created. These automations were executed over 101 million times in the past month, resulting in a reported savings of more than 675,000 hours.
The managed services market, which stood at $243 billion in 2022, is expected to grow to $262 billion in 2023 and is projected to reach $529 billion by 2031, according to SkyQuest. The market’s growth is fueled by the rise of emerging technologies such as AI and machine learning, coupled with the increasing need for cloud technology management. This growth is particularly notable among small to medium-sized enterprises and public sector organizations increasingly adopting digital and cloud-based solutions.
Rewst intends to leverage the new funding to continue advancing its platform while investing in community and educational initiatives. This will ultimately enable MSPs to unlock even greater value from automation.
Conclusion:
Rewst Inc.’s latest funding round underscores the growing importance of automation in the managed services industry. The significant investment indicates confidence in Rewst’s ability to further disrupt the MSP market by providing tools that simplify complex IT operations, particularly as demand for cloud and AI-driven solutions continues to rise. This move will likely accelerate the adoption of automation technologies among MSPs, giving early adopters a competitive edge in an increasingly crowded market. The expansion of Rewst’s platform, combined with the projected growth of the managed services market, suggests that automation will become a key differentiator for MSPs aiming to scale and meet the evolving needs of their clients.
