By Aditya Soni

Oct 22 (Reuters) - UnifyApps, a startup that connects

corporate systems with AI technology to automate routine tasks

such as claims processing, has raised $50 million in a

WestBridge Capital-led funding round and named early investor

Ragy Thomas as chairman and co-CEO.

The Series B round, announced on Wednesday, valued the

startup at around $250 million, a source familiar with the

matter said. The round, which included participation from

investors such as ICONIQ, brings the company's total fundraising

to about $81 million.

Founded in 2023, months after the launch of ChatGPT ignited

the generative artificial intelligence boom, UnifyApps describes

itself as an "enterprise operating system for AI" that connects

systems such as Salesforce and Workday to large language models

and feeds the results into employees' tools to automate tasks.

Its customers include home improvement retailer Lowe's

Companies, India's HDFC Bank and Germany's Deutsche

Telekom. Clients use the software to automate HR tasks, speed up

claims processing and optimize supply chains, the company said.

UnifyApps said its revenue has risen more than sevenfold

year over year, without disclosing the exact figure or the

period. The company competes with automation tech developers

such as UiPath ( PATH ) and privately held Automation Anywhere

as well as AI agents from large technology companies, including

Microsoft ( MSFT ).

Demand has been growing for such tools as businesses rushing

to adopt AI technology struggle with high failure rates. A study

by MIT earlier this year showed that about 95% of AI projects

showed no returns on investment for the companies in the survey.

Thomas, an enterprise software veteran who founded

U.S.-listed Sprinklr ( CXM ), told Reuters that UnifyApps'

advantage is it was purpose-built for AI, unlike rivals adapting

older platforms. He will serve as the startup's co-CEO along

with co-founder Pavitar Singh.

UnifyApps will use the funds to expand its around 400-strong

team by 110 employees, expand in Europe and accelerate platform

development.