Ocrolus, which automates financial document reviews, has landed $4m in Series A funding.
The investment led by Bullpen Capital with participation from QED Investors, Laconia Capital Group, ValueStream Ventures and RiverPark Ventures. Also participating in the round were Sam Hodges (co-founder, Funding Circle), Vince Passione (CEO, LendKey), Ram Ahluwalia (CEO, PeerIQ), Bill King (former head of securitization, JP Morgan), Hugh Nguyen (CEO, ClearServe) and Tanya Barnes (managing director, Golden Seeds), among others.
As part of the funding, David Arcara of Laconia Capital Group and Nick Adams of Differential Ventures will be joining Ocrolus as board members. Paul Martino of Bullpen Capital, Amias Gerety of QED Investors and Karl Antle of ValueStream Ventures will also be board observers.
It will use the new funds to accelerate the deployment of turnkey data verification solutions for lenders and a variety of other organisations in financial services and healthcare.
Ocrolus automates data verification and analysis for bank statements and other financial documents and claims to boast over 99 percent accuracy, to enabling customers to retire the practices of sampling and spot-checking.
It leverages computer vision and crowdsources validation to optimise analytical insight. Its offering also claims to bolster compliance with bank-level encryption and superior process documentation.
Analysing millions of data points every day for hundreds of customers, Ocrolus validates financials at a fraction of the cost of traditional methods, with 3-5x increased speed.
“We’ve proven our technology as a disruptive solution for bank statement analysis,” said Sam Bobley, co-founder and CEO of Ocrolus. “Customer demand prompted us to begin analysing loan applications, tax documents, pay stubs and more. We’re thrilled to have the capital to quickly expand our team, and ideal strategic partners to help us scale the business.”
Located in New York City’s financial district, Ocrolus launched its PerfectAudit product in 2016 to lenders, accounting firms, lawyers, insurance auditors and investigative units. The API version of PerfectAudit was specifically designed to automate cash-flow analyses for lenders. Ocrolus is currently working with a majority of the top online small business funders and is now introducing PerfectAudit in personal, auto and mortgage lending. The solution uses bank-level AES-256 bit encryption, SSL authentication, and multi-factor authentication.
The company also plans to implement PerfectAudit’s sister product, Medicaid-Genius, with government agencies later this year.
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