AI imaging platform Ocrolus closes $24m funding round
Financial document analysis platform Ocrolus has closed a $24 million Series B funding round led by Oak HC/FT, reports Jane Connolly.
FinTech Collective and existing investors including Bullpen Capital and QED Investors – which was co-founded by Capital One founder Nigel Morris – also participated in the round.
Ocrolus combines artificial intelligence (AI) and crowdsourced human quality control to automate the analysis of financial documents to 99% accuracy. The turnkey solution can analyse images of any format or quality and return actionable data in minutes.
The company will use the funds to automate underwriting workflows for lenders and banks and expand into new verticals.
“Sometimes humans are better than robots,” says Sam Bobley, co-founder and CEO of Ocrolus. “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.”
Dan Petrozzo, venture partner at Oak HC/FT, adds: “Ocrolus is a unique company providing a rare combination of smart automation, analytics and accuracy in its solution. By combining its tremendous technology with an added human touch where required, the platform delivers amazing results for its customers.”
Since its Series A round in April 2018, Ocrolus has seen five-times growth and built on its success in the small business lending market to branch out into consumer, auto and mortgage lending.
