Ocrolus provides an automation platform that analyzes financial documents using OCR, machine learning/AI and big data, combined with a Human-in-the-Loop process to ensure high accuracy. The product classifies documents, captures key data fields, detects fraud and analyzes cash flows to deliver structured digital data for lenders. Ocrolus says its platform achieves over 99% accuracy and routes edge cases to its team of analysts and quality-control specialists. The company has landed fintech customers including Brex, Enova, LendingClub, PayPal, Plaid and SoFi and says its software helped those lenders scale. Financially, Ocrolus grew revenue from $1M in Q1 2018 to $20M in annual recurring revenue by Q2 2021, has spent roughly $10M in total sales and marketing, and has raised over $100M since its 2014 inception. With new capital it plans to more aggressively build products for mortgage lending and banks, expand U.S. operations, hire more machine learning and data science staff, and open a Florida data quality control facility to meet onshore requirements. Ocrolus is an NYC-based automation platform that analyzes financial documents using artificial intelligence combined with crowdsourced human quality control to eliminate manual reviews with speed and accuracy. Led by co-founder and CEO Sam Bobley and COO Vik Dua, the company services hundreds of customers in the financial sector and analyzes millions of data points every day. In June 2019 Ocrolus raised $24M in a Series B round led by Oak HC/FT, bringing its total venture capital raised to over $30M. The company intends to use the funds to develop workflows for new document types, improve fraud detection and analytical capabilities for lenders and banks, and expand into new verticals. Ocrolus's platform focuses on delivering faster, more accurate financial-document processing to replace manual review workflows. Ocrolus offers automated data-verification and analysis products for financial documents, using computer vision plus crowdsourced quality control. Its flagship products, PerfectAudit and Medicaid-Genius, analyze e-statements, scans and cell-phone images from every financial institution. The API version of PerfectAudit was designed to automate cash-flow analyses for lenders and the product launched to lenders and other professional users in 2016. Ocrolus says it works with a majority of the top online small-business funders and is rolling out PerfectAudit into personal, auto and mortgage lending. After winning an RFP to modernize Medicaid eligibility determinations, the company will implement Medicaid-Genius with government agencies later this year. The company plans to use new funding to accelerate deployment of data verification solutions for lenders and other organizations in financial services and healthcare eligibility.

Total raised

$108M

Funding rounds

3

Latest round

Series C

Latest activity

Sep 2021