An automation platform that analyzes financial documents received new financing.
Ocrolus announced it raised $24 million in Series B funding, let by Oak HC/FT, with participation from FinTech Collective, Bullpen Captial, QED Investors and other investors.
The startup says it’s the only automation platform that analyzes financial documents with over 99% accuracy. It uses a blend of AI and crowd-sourced human quality control, enabling firms across the financial sector to automate high-stakes business processes with precision.
Ocrolus technology solves the problem of machines not correctly reading semi-structured documents like bank statements, pay stubs, and lower quality images like cell phone pictures. Ocrolus solves these problems and eliminates data entry and cleansing tasks by adding human eyes to help analyze every file with over 99% accuracy. The platform powers business processes for hundreds of customers in financial services.
“Sometimes humans are better than robots,” said Sam Bobley, Co-founder and CEO of Ocrolus, in a statement. “We combine machine processes with live human intelligence to provide customers with a complete solution. The capital will be used to develop workflows for new document types, and sharpen our fraud detection and analytical capabilities.”
The company will use its new funding to automate underwriting workflows for lenders and banks, and expand into new verticals.