Boston, US-based startup Indico, a provider of enterprise AI solutions for intelligent process automation, raised US$ 22 million in series B funding on 14 December 2020.
The funding round was co-led by Jump Capital and Sandbox Ventures. Other participants in the round include 406 Ventures, Osage Venture Partners, Hyperplane Venture Capital and Boston Seed Capital as well as new investment from Nationwide’s venture capital arm. The total capital raised by Indico amounts to US$ 36 million. With the Series B financing, Indico has added two new board members, Chris Zock from Sandbox Ventures and Saurabh Sharma from Jump Capital to provide industry knowledge and guidance.
The funds raised will be utilized by Indico to further capitalize on its position as a leader in the fast-growing intelligent automation category.
The company is planning to double its employees in 2021, with new leadership hires in sales, partnerships, marketing, finance and solution engineering. Indico will also aggressively expand its channel relationships and integrate partnerships to further broaden its industry footprint.
Founded in 2014 by Alec Radford, Diana Yuan, Madison May and Slater Victoroff, Indico is an enterprise AI solution for unstructured content. It helps to automate tedious back-office tasks, improves the efficiency of labor-intensive document-based workflows and extracts valuable insights from unstructured content, including text and images. Organizations can thus turn their processes into profit by enabling automating manual, labor-intensive, document-based workflows.
Indico’s breakthrough in solving these challenges is an approach known as transfer learning. It allows users to train machine learning models with orders of magnitude fewer data than required by traditional rule-based techniques.
“The global pandemic has created a dramatic new set of challenges for business leaders in 2020. One of the most direct results has been the accelerated investment in digital transformation and automation initiatives to create more robust operating capabilities. Indico’s solution for the automation of document-intensive workflows continues to drive results across our key verticals with our ‘business first’ product strategy and our disruptive core technology advantage”, said Tom Wilde, CEO Indico.
What Investors have to say
“We are just at the beginnings of the intelligent automation movement. The market opportunity for Indico is huge as they enable enterprises to unlock significant value. I am very excited to work with Tom, Slater and their brilliant team to help build an industry-leading company in the automation space.”, said Saurabh Sharma, General Partner at Jump capital.
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