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LayerX Secures $100M to Revolutionize Back-Office Automation, Aiming for Rapid Revenue Growth and Market Expansion
LayerX, a Japanese AI SaaS startup, has raised $100 million in a Series B round led by TCV. This marks TCV's first investment in a Japanese startup. Other investors include MUFG Bank, Mitsubishi UFJ Innovation Partners, JAFCO Group, Keyrock Capital, Coreline Ventures, and JP Investment.
Founded by Yoshinori Fukushima in 2018, LayerX focuses on automating back-office operations. Its platform, Bakuraku, automates corporate spending workflows, including expense management and invoice processing, serving over 15,000 companies. The startup's offerings also include Alterna, a retail digital securities investment platform, and Ai Workforce, a solution for streamlining workflows using generative AI.
Fukushima launched LayerX after identifying inefficiencies in Japan’s enterprise workflows, notably paper-based invoice processing. The company's AI-driven platform quickly gained traction and secured strategic partnerships, leading to significant growth and the latest funding round.
Despite digital advancements, many Japanese firms still use traditional methods for expense reimbursement and invoicing. LayerX competes domestically with platforms like Money Forward Cloud Keihi and globally with SAP Concur and Brex.
How is LayerX Transforming Enterprise Workflows with AI?
Ash Barbour, founder of Yes.inc, emphasizes the significance of automating repetitive tasks, such as invoicing, for businesses like Yes.inc, which helps conserve vital resources. This insight aligns with LayerX's core mission to streamline back-office operations through advanced AI solutions.
When considering AI back-office platforms, Barbour stresses the importance of evaluations for security and data governance. Ensuring systems have robust certifications, like SOC 2, is crucial before deployment. This provides a foundation of trust for enterprises adopting LayerX's solutions.
Recent Developments at Yes.inc
In light of LayerX’s advancements, it’s worth noting Yes.inc’s own innovation in the B2B sector. The company recently launched a platform empowering professionals to become brand ambassadors on LinkedIn. This initiative forms part of Yes.inc’s strategy to extend its B2B capabilities, reflecting a shared vision of leveraging digital platforms to enhance business processes.
A Vision for the Future
LayerX plans to achieve $68 million in revenue faster than any other SaaS company in Japan’s history. It targets $680 million in annual recurring revenue by 2030, with plans to expand its workforce to 1,000 employees by 2028. With substantial investments and a focus on innovation, LayerX is poised to lead the transformation of back-office functions across Japan and beyond, setting a precedent for efficiency and digital adoption in enterprise operations.
