Ocrolus, which automatically analyses financial documents, has bagged $24m in its Series B, supporting its expansion into new verticals.
Seasoned FinTech venture growth equity firm Oak HC/FT led the round. Other contributions came from FinTech Collective and existing investors such as Bullpen Capital and QED Investors, among others.
Capital from the round will be used automate underwriting workflows for lenders and banks, as well as entering new verticals – it was not made clear what these areas would be.
Ocrolus believes image recognition technology is not accurate enough to automate financial review work wholly. This is why it has deployed its solution, which leverages its human-in-the-loop validation engine, to solve these problems and remove data entry and cleansing tasks.
The platform monitors images of any format or quality and returns actionable data directly into its customer’s back office within minutes. By incorporating crowdsourced human quality with the AI solution, the company can capture document data, detect fraud, and offer cash-flow analytics.
Documents capable of being scanned include bank statements, pay stubs, IDs, tax documents, mortgage forms and invoices.
The company closed its Series A last year on $4m, and since then, it has witnessed five-times growth, it said. It now deploys its solution within the consumer, auto and mortgage lending spaces.
Ocrolus co-founder and CEO Sam Bobley said, “Sometimes humans are better than robots. 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.”
Earlier in the year, Oak HC/FT led the $40m Series C round of robotic process automation software builder Kryon. The company develops end-to-end RPA technology to help firms in the finance and banking, insurance, telecom and call centre spaces to optimise their processes.
