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Automation Hero is a software company which develops and distributes an Intelligent Process Automation ("IPA") platform that includes proprietary Artificial Intelligence (AI) to allow customers, predominantly in the financial services sector, to automate their business processes.
The proposed EIB venture debt financing will help the Promoter develop further software modules and functionalities for its Intelligence Process Automation platform including through the further use of artificial intelligence technologies already in use by the company. The EIB financing would also aim to support the Promoter's growth strategy.
Automation Hero has developed an Intelligent Process Automation solution that enables organisations to reduce human errors, redeploy employees to more fulfilling tasks, and to improve their overall efficiency.
The project supports the policy objective of innovation and digitalisation by supporting an innovative start-up that is leveraging Artificial Intelligence and Deep Learning to "augment" human capabilities. The project generates significant positive RDI externalities through the application of the technology in various industries and through knowledge spill-overs to clients and business partners in the area of Robotic Process Automation and Artificial Intelligence.
The project is therefore strengthening the EU's market position in the context of automation and digitalisation and enhancing the competition in this field. EIB provides the SME with tailored venture debt financing, enabling the company's sustainable growth and technological edge despite the challenges resulting from COVID-19. Without the EIB financing, Automation Hero will not be able to scale up so rapidly and its investor base will likely be more diluted.
The project activities do not fall under the annexes of the EIA Directive 2014/52/EU amending Directive 2011/92/EU, and are therefore not subject to mandatory environmental impact assessments (EIA). The activities included in the scope of the project will be performed in existing buildings and are not expected to have any relevant environmental impact.
The project Promoter has been assessed by the EIB as being a private company not operating in the utilities sector and not having a status of a contracting entity, and is thus not subject to EU rules on public procurement.