IDP vendor Ripcord closes $32 million in new funding

The Intelligent Document Processing (IDP) provider will use the new funding to fuel its next phase of growth and innovation in robotic digitization, document intelligence, and generative AI.

Ripcord, a robotic digitization and document intelligence provider including Intelligent Document Processing (IDP), announced April 16 that it has closed $32 million in new funding. The financing was led by existing investors including Kleiner Perkins, Google Ventures, Icon Ventures, Lux Capital, and MUIP with additional support from FUJIFILM Business Innovation, Ripcord’s joint venture partner in Japan.

Sam Fahmy, CEO at Ripcord, commented: “Supersonic advancements in robotics and AI are fundamentally changing how we interact with and gain knowledge from documents. Ripcord is committed to leading the way in this new era and is incredibly grateful for our investors, customers, and partners for helping fuel our mission.”

Todd Bailey, VP Of Partner And Strategic Relationships at Ripcord, added: “With our proprietary robotics automating labor-intensive tasks and our AI-driven platform extracting critical insights, we’re transforming how businesses handle their documents. And now, with the introduction of Docufai, our GenAI document discovery platform, we’re empowering users to unlock the full potential of their data like never before. Exciting times ahead as we continue to push the boundaries of what’s possible in document intelligence!”

Last November, Ripcord unveiled the beta release of Docufai, its generative AI platform, followed by the launch of Docufai Express in February this year, which combines robotic document scanning with Generative AI to make information in paper documents more accessible.

Headquartered in Hayward, California, Ripcord offers a Document Intelligence as a Service (DIaaS) platform. Leveraging advanced robotics, generative AI and Machine Learning capabilities, Ripcord digitizes, captures, and classifies data, and intelligently extracts and abstracts it from paper and digital records to make it accessible and actionable for enterprises.

You can find the full press release here.

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