Ocrolus, a New York-based automation platform that analyzes financial documents, raised $80 million in Series C funding led by FIN VC at a valuation north of $500m.
Thomvest Ventures, Mubadala Capital, Oak HC/FT, FinTech Collective, QED Investors, Bullpen Capital, ValueStream Ventures, Laconia, RiverPark Ventures, Invicta Growth, Stage II Capital, and Cross River Bank also participated in the round.
The company plans to further ramp up hiring into 2022, with a focus on its machine learning and data science teams. Ocrolus is also opening a new data quality control facility in Florida to accommodate financial institutions and government entities with onshore data requirements.
Company: Ocrolus Inc.
Raised: $80.0M
Round: Series C
Funding Month: September 2021
Lead Investors: Fin VC
Additional Investors: Thomvest Ventures, Mubadala Capital, Oak HC/FT, FinTech Collective, QED Investors, Bullpen Capital, ValueStream Ventures, Laconia, RiverPark Ventures, Invicta Growth, Stage II Capital, and Cross River Bank
Company Website: https://www.ocrolus.com/
Software Category: Financial Services
About the Company: Led by Sam Bobley, CEO, and Vikas Dua, COO, Ocrolus is an automation platform that analyzes financial documents enabling the digital lending ecosystem to make credit decisions across fintech, mortgage, and banking. The company currently powers document workflows for many of the most innovative financial services firms including Brex, Enova, LendingClub, PayPal, Plaid, and SoFi.Ocrolus intends to use the funds to build products for the mortgage lending and banking industries and expand its US operations.
Source: https://www.finsmes.com/2021/09/ocrolus-raises-80m-in-series-c-funding.html