Ripcord develops robotics- and AI-driven document-intelligence solutions that automate data extraction and document management workflows. Its core product uses robotics to capture document images and AI to extract, index, and make data accessible. The company says its technology improves efficiency, streamlines workflows, and provides better access to critical information across sectors. Ripcord reported 72% revenue growth in 2023, indicating accelerating commercial traction. The company also cited major engagements with world-leading organizations as evidence of market adoption. The announcement frames the new funding as reinforcing Ripcord’s commitment to continued innovation in document intelligence. Ripcord combines robotic digitization hardware with a SaaS platform that leverages artificial intelligence, machine learning and deep learning to convert paper records into machine-readable data. Its product suite—Rapid Digitization, Data Enrichment and Content Management—aims to activate data at scale, unify disparate content, and enable RPA and API integrations with enterprise software. The company positions its offerings to improve decision intelligence, streamline workflows, and increase productivity for enterprises managing large paper archives. MUFG Bank partnered with Ripcord in November 2019 to digitize hundreds of millions of sheets held in a central location, making documents immediately accessible across more than 2,700 locations in 50 countries. Following that multi-year deployment, MUFG Innovation Partners (MUIP) has invested capital in Ripcord and will serve as an investor to help shape and support the company’s vision. MUIP said it looks forward to deepening the partnership as Ripcord scales its solution in Japan and into new geographies. Ripcord builds robots that scan, index and categorize paper records, making them searchable in the cloud and integrated into existing business processes. Led by founder and CEO Alex Fielding, the company serves customers including Coca Cola, BP and Chevron, MUFG Bank, UCLA, Cantium and multiple Fortune 100 companies (including three of the top five financial services and three of the top five insurance companies). Ripcord raised an additional $45M in a Series B2 and has now raised over $120M in total funding. The company intends to use the funds to expand into additional vertical markets across North America and globally. The article does not disclose revenue or other operating metrics. Ripcord is a robotic digitization company that scans, indexes and categorizes paper records and makes them searchable on its Canopy cloud platform. Canopy integrates with enterprise systems like SAP, Oracle, and NetSuite and the company has launched Canopy 2.0 with features including RipcordSync, RecordChain (an immutable chain-of-custody ledger), and a retention/disposition dashboard. Ripcord says its robots achieve better results at 10x the speed and reduce digitization costs to a fraction of legacy options. Notable customers include Bechtel, UCLA, Wilson Sonsini and several Fortune 100 companies. The company announced an additional $25M in equity funding led by GV, expanding its Series B to $65M and bringing total capital raised to nearly $75M. Ripcord is partnering with GV to leverage artificial intelligence and machine-learning expertise as it develops and scales its records-management platform. Ripcord builds end-to-end robotic digitization systems that scan, index, and categorize paper records and connect them to enterprise systems via its Ripcord Canopy software. Canopy provides advanced search, ERP/CRM/HRIS integrations (SAP, Oracle, NetSuite), AI features like auto-classification and anomaly detection, compliance and records-management tools, blockchain-based chain of custody, and security monitoring. The company says its technology reduces digitization costs to a fraction of legacy options while delivering results at 10x the speed. Ripcord was co‑founded by former Apple and NASA employees and is positioning itself to disrupt the $25B records management industry. With the new financing it plans to build more robots, deploy the production version of Ripcord Canopy, hire over 100 employees in the next 12 months, and expand into new markets. Customers and pilot users include large enterprises such as Bechtel, which is using Ripcord to reduce storage costs and improve record retrieval and analytics for complex projects.

Total raised

$152M

Funding rounds

7

Latest round

Equity

Latest activity

Apr 2024