Ocrolus, the only automation platform that analyzes financial documents with over 99% accuracy, today announced $24M in Series B funding led by Oak HC/FT, a premier venture growth equity fund with deep fintech expertise. Ocrolus is powered by an elegant blend of artificial intelligence and crowdsourced human quality control, enabling firms across the financial sector to automate high-stakes business processes with precision. The company will use its new funding to automate underwriting workflows for lenders and banks, and expand into new verticals.
Historically, image recognition software has not been accurate enough to automate financial review work completely. Machines struggle to parse semi-structured documents like bank statements and pay stubs, and lower quality images like cell phone pictures. Ocrolus solves these inherent problems and eliminates data entry and cleansing tasks, using its human-in-the-loop validation engine to analyze every file with over 99% accuracy. Turnkey by design, Ocrolus ingests images of any format or quality, and returns actionable data directly into its customer’s back-office systems in minutes. The platform powers business processes for hundreds of customers in the financial services sector.
“Sometimes humans are better than robots,” said 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.”
The round was led by Oak HC/FT, with participation from FinTech Collective and existing investors including Bullpen Capital and QED Investors, among others.
“Ocrolus is a unique company providing a rare combination of smart automation, analytics and accuracy in its solution,” said Dan Petrozzo, Venture Partner at Oak HC/FT. “By combining its tremendous technology with an added human touch where required, the platform delivers amazing results for its customers.”
The company has grown more than 5x since announcing its Series A round in April 2018, with zero customer churn. Building on its impressive growth in small business lending, Ocrolus is now deploying its technology in consumer, auto and mortgage lending, where there is an acute need to increase speed and accuracy in underwriting operations.
“Our infrastructure is highly scalable, and continually teaches itself to become smarter,” said Vik Dua, the Chief Operating Officer at Ocrolus. “We’re excited to accelerate our product roadmap and alleviate additional pain points for our customers. Ocrolus is poised to improve the quality of work in use cases across financial services and beyond.”