A Munich-based German AI startup, Interloom, has secured $3 million in seed funding from Air Street Capital. Their goal is to disrupt the robotic process automation (RPA) market. Interloom plans to leverage large language models and generative AI assistants. This innovation could redefine process automation across various sectors.
Currently, businesses globally spend over $6 billion annually on RPA software. However, Interloom aims to surpass traditional RPA’s capabilities. Traditional RPA, valued for automating routine tasks, faces limitations. It often cannot handle complex workflows effectively.
Background and vision
Interloom, though small with only ten employees, is rapidly expanding. It targets Germany’s “mittelstand” as its primary market. The startup plans to extend its services globally, including to the U.S. Interloom’s approach to automation focuses on real-world applications rather than idealized workflows.
Fabian Jakobi, Interloom’s cofounder, is a serial entrepreneur. His vision for Interloom stems from his experience in automating complex workflows at Boxplot and Hyperscience. Jakobi believes AI can transform business processes by learning from professionals’ real work.
Innovative approach to automation
Interloom’s technology promises to automate tasks beyond the capacity of today’s RPA. It could include procurement, customer onboarding, and more. This approach is based on AI’s ability to interpret complex data and workflows.
The startup’s AI robots aim to increase employee productivity by 30 times. However, human oversight remains essential for quality control. Interloom’s methodology could automate up to two-thirds of business tasks. This potential surpasses current RPA technology, which is effective for only about a third of tasks.
Industry insights and potential
Air Street Capital’s investment signifies confidence in Interloom’s innovative model. Nathan Benaich, founder of Air Street, praised Interloom’s deep understanding of complex workflow automation. “Every sector of the economy is eventually going to be rebuilt AI-first,” Benaich noted.
This venture into AI-driven automation could significantly impact various industries. It may also offer a competitive edge over giants like UiPath, valued at $13.5 billion. As the market for RPA grows, Interloom’s AI-first approach could redefine productivity and efficiency in business operations.
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