This round brings Ocrolus to a $500M valuation. Here are the top-line bullets you need to know.
Ocrolus, an automation platform for the analysis of financial documents, has raised $80M in a Series C round. The round drew participation from Fin Venture Capital, Mubadala Capital, QED Investors, RiverPark Ventures, and Thomvest Ventures, among others.
How’s the company performing?
- New York-based Ocrolus’ automation platform uses OCR (optical character recognition), AI, and big data technology to classify financial documents, detect fraud, and analyze cash flows.
- The company’s customers include LendingClub, PayPal, Plaid, SoFi, Brex, and Enova, among others.
- Ocrolus’ annual recurring revenue grew 20x to $20M in Q2’21 from 1M in Q1’18.
Why does the market matter?
- The document analysis market is projected to grow at a CAGR of 39.2% to reach a value of $8.02B by 2027, according to Insight Partners.
- The increasing digitalization of manual documentation across industries, growth of cloud computing, and increased use of automated tools have contributed to industry growth.
- Prior to the pandemic, less than 1% of loans were processed digitally. However, since the outbreak of Covid-19, the demand for digital lending technology has increased exponentially, and traditional financial service firms are evolving to provide digital solutions.