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Digibee Raises $60 Million in Series B Funding
Digibee, a low-code integration platform for enterprise organizations, has raised $60 million in a Series B funding round led by Goldman Sachs. Other participants included Leadwind, Southern Europe, Vivo Ventures, Brazilian telco Vivo, Kinea, and G2D.
Putting the Funding to Use
The round brings Digibee’s total raised funds to $90 million, which the company plans to use for growth in the United States and Latin America, with a particular focus on expanding customer support in the US.
AI Integration and Developer Enablement
Digibee plans to integrate AI capabilities into the platform and focus on developer enablement from a product perspective.
Addressing App and Process Integration Challenges
Digibee’s co-founders saw a need to address a challenge—app and process integration—that had been around for decades in a modern way. The company offers a set of automated tools that integrate apps and is deployed in different environments to support the development and governance of integration flows that connect on-premises and cloud-based processes, services, apps, and data across an organization.
Competing with Legacy Integration Vendors
Digibee competes with a range of legacy integration vendors, including MuleSoft, Boomi, Software AG, and TIBCO, in addition to incumbents like Oracle, SAP, Microsoft, and IBM.
Differentiation in Pricing Model
Digibee’s biggest differentiator is its consumption-based pricing model that doesn’t require customers to pay for the maximum potential usage.
iPaaS Industry Growth
According to a survey by IDG and TeamDynamix, platforms like Digibee, known as iPaaS or integration platforms as a service, are becoming the solution of choice for enterprises adopting new digital technologies. The survey found that 27% of companies had already invested in iPaaS as of November 2021, and 66% had plans to do so in the next 12 to 24 months.
Digibee, which has seen huge growth in the past couple of years, plans to expand its workforce to over 300 people by the end of the year. The company aims to help enterprises move beyond entrenched legacy integration technologies to relieve the pain of working with such technologies and deliver more value at a lower cost.