Additional capital reinforces Ripcord's rapid growth and innovation in robotic digitization, document intelligence, and generative AI.
SAN FRANCISCO, CA, April 16, 2024 /24-7PressRelease/ -- Ripcord, the robotic digitization and document intelligence leader, has closed $32 million in new funding. The financing was led by existing investors including Kleiner Perkins, Google Ventures, Icon Ventures, Lux Capital, and MUIP with additional equity acquisition by FUJIFILM Business Innovation, Ripcord's joint venture partner in Japan.
This capital injection underscores Ripcord's commitment to driving rapid growth and innovation in document intelligence, solidifying its position as a disruptor in the industry.
"Supersonic advancements in robotics and AI are fundamentally changing how we interact with and gain knowledge from documents," says Sam Fahmy, Ripcord CEO. "Ripcord is committed to leading the way in this new era and is incredibly grateful for our investors, customers, and partners for helping fuel our mission."
Funding Reinforces Ripcord's Strong Momentum
Ripcord saw 72% revenue growth in 2023, following 95%-plus growth in 2022. These results were largely fueled by major engagements with some of the world's leading organizations including Coca-Cola Bottlers, the Internal Revenue Service (IRS), MUFG Bank, and one of Japan's largest property management companies.
As the world's pioneer in robotic document intelligence, Ripcord is transforming how businesses extract data, insights, and information from their documents with its end-to-end platform. Ripcord's proprietary robotics automate much of the digitization work, including labor-intensive tasks such as staple removal, unfolding, folder tracking, and digital twin creation. Previously done manually, this automated process is essential for transforming paper documents into digital content. Once digitized and for digital-native documents, Ripcord's AI-driven platform enables companies to extract critical information from their documents to automate workflows, generate insights, and instantly access critical data.
Ripcord continues to lead innovation in the industry, being one of the first to apply large language models (LLMs) and generative AI (GenAI) to enterprise documents. The beta release of its GenAI document discovery platform, Docufai, in November 2023, marked a significant milestone. Docufai empowers users to unlock information trapped in documents, revolutionizing how knowledge is accessed, shared, and utilized. With Docufai, users can upload their files (PDF, DOCX, PPTX, JPG, PNG, BMP, TIFF, etc.) to receive automatic summaries, ask natural language questions, and gain valuable insights. Its advanced multilingual capabilities allow users to ask questions and find answers in any language, while its user-friendly digital workspace enables easy organization and refinement of findings. Docufai is currently available as a free beta globally, with an enterprise version available for U.S. customers.
About Ripcord
Ripcord turns documents into powerful data. As a disruptor in the $62 billion document intelligence market, Ripcord's AI-driven platform harnesses proprietary robotics, generative AI, and cloud software to digitize and accurately derive vital information from paper and digital documents. Founded out of NASA research, Ripcord is backed by leading investors including Kleiner Perkins, Google Ventures, Icon Ventures, Lux Capital, MUIP, and Apple co-founder Steve Wozniak. For more information, visit ripcord.com or follow the company on LinkedIn and X.
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