Total amount raised
$127 Millions
Latest funding date
9/1/2021
Location
Ocrolus has successfully raised significant funding across multiple rounds, with its latest being a Series C. The company specializes in AI-driven document automation, serving the financial services sector.
Keep reading to explore the intricacies of Ocrolus's fundraising journey and the investors backing this innovative platform.
What Is Ocrolus?
Ocrolus, founded in 2014, is based in New York, New York. The company specializes in intelligent document automation software, helping lenders manage risk and avoid fraud by automating document analysis.
Founded by John Guerci, Sam Bobley, and Victoria Meakin, Ocrolus provides AI-driven document processing automation with Human-in-the-Loop. Their platform includes capabilities such as Classify, Capture, Detect, and Analyze.
With a workforce of 501-1000 employees, Ocrolus serves various industries, including small business lending, mortgage, consumer, and multifamily, enabling financial services firms to make high-quality decisions with trusted data and unparalleled efficiency.
How Much Funding Has Ocrolus Raised?
- Seed Round
- Amount Raised: $2.2M
- Date: September 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their intelligent document automation platform.
- Convertible Note
- Amount Raised: $3.3M
- Date: July 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their technology and expand their market reach.
- Series A
- Amount Raised: $4M
- Date: April 2018
- Lead Investors: Bullpen Capital, Laconia
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance their AI-driven document processing capabilities.
- Series B (First Round)
- Amount Raised: $24M
- Date: June 2019
- Lead Investors: Oak HC/FT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their product offerings and enter new markets.
- Series B (Second Round)
- Amount Raised: $13.5M
- Date: August 2020
- Lead Investors: FinTech Collective, QED Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and meet the increasing demand for digital lending technology.
- Series C
- Amount Raised: $80M
- Date: September 2021
- Lead Investors: Fin Capital
- Valuation at Round: Over $500M
- Motivation Behind the Round: To build products for mortgage lending and banking industries, expand US operations, and enhance back-office scalability.
Total Amount Raised: $127M. Current Valuation: Over $500M.
Key Investors
- Fin VC
- Details: Fin VC is a venture capital firm that led the Series C funding round for Ocrolus. Logan Allin, Managing General Partner and Founder at Fin VC, joined Ocrolus' Board.
- Investment Focus Areas: Fintech, financial services, back-office automation.
- Notable Investments: Not publicly disclosed.
- Oak HC/FT
- Details: Oak HC/FT is a venture growth-equity fund investing in healthcare and financial technology. They participated in the Series B and Series C funding rounds for Ocrolus.
- Investment Focus Areas: Healthcare, financial technology.
- Notable Investments: Insureon, Poynt.
- FinTech Collective
- Details: FinTech Collective is a venture capital firm that specializes in financial technology investments. They participated in the Series B and Series C funding rounds for Ocrolus.
- Investment Focus Areas: Fintech, financial services.
- Notable Investments: MoneyLion, Axoni.
- QED Investors
- Details: QED Investors is a leading venture capital firm focused on investing in early-stage, disruptive financial services companies. They participated in the Series B and Series C funding rounds for Ocrolus.
- Investment Focus Areas: Fintech, financial services.
- Notable Investments: Credit Karma, SoFi.
- Bullpen Capital
- Details: Bullpen Capital is a venture capital firm that invests in post-seed stage companies. They participated in the Series A and Series C funding rounds for Ocrolus.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: FanDuel, Namely.
What's Next for Ocrolus?
Ocrolus stands at the cusp of significant growth, driven by the increasing demand for digital lending technology. With $80 million in Series C funding, the company is poised to expand its product offerings in the mortgage lending and banking sectors. This expansion, coupled with the opening of a new data quality control facility in Florida, positions Ocrolus to capitalize on the growing need for automated financial document processing.
Future fundraising opportunities appear promising as the company continues to innovate and scale its operations. However, challenges such as competition from tech giants and maintaining high accuracy in document processing could pose hurdles. Ensuring data security and compliance will also be critical as Ocrolus navigates its growth trajectory.
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