Document capture and analytics solutions provider Ephesoft has bagged $15m for its Series A funding round.
Mercato Partners was the sole investor to contribute to the round, with firm principal Joe Kaiser joining Ephesoft’s board of directors as part of the transaction.
Ephesoft, founded in 2010, uses machine learning solutions to collect, extract and analyse unstructured content, helping to automate companies document-based processes. The service is used by businesses in financial services, insurance, government, mortgage and healthcare sectors.
Some of the uses with the platform have included fast tracking mortgage processing and approving, accelerate invoice approvals, automate patient records, among other uses.
With this funding, Ephesoft hopes to continue product development, as well as expand its operations, market presence and sales channels.
Kaiser said, “Organizations are struggling with the enormous volume of unstructured content, which represents upwards of 80% of all available content, and is growing at a rate of 43% per year. To provide tangible value, that information needs to be processed and analysed.
“Ephesoft’s solutions are disrupting the advanced capture market with a definitive value proposition: apply machine learning to convert these unstructured information streams and repositories into actionable data.”
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