Ocrolus, a New York, NY-based FinTech company that automates the financial document analysis process, as per recent reports, has just closed a Series B fundraising round, raising $24 million in investment funding. Ocrolus’ recent Series B was led by Oak HC/FT, a Greenwich, Connecticut-based venture capital & private equity firm, and was participated by FinTech Collective and Ocrolus’ existing investors including Bullpen Capital and QED Investors.
Ocrolus, by combining artificial intelligence (AI) and crowdsourced human quality control, automates the financial document analysis process, rendering over 99% accuracy. Ocrolus’ turnkey document analysis solution, which is capable of analyzing images of any format or quality, can – in minutes – yield actionable data from these analyses.
The company plans to utilize these new funds to automate the underwriting workflow process for banks and lenders and expand into new verticals.
“Sometimes humans are better than robots,” states Sam Bobley, co-founder & 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.”
“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,” adds Dan Petrozzo, Venture Partner at Oak HC/FT.