Google Ventures has invested $65 millions in added funding in Ripcord, the world`s first robotic digitization company. The company will use the money to scale.
Google Ventures has invested in Ripcord, the world`s first robotic digitization company.
Ripcord imagines employing robots that will scan documents 10-times faster than humans so that files can be entirely digitized. Ripcord`s mission to make the world paperless has been recognized by Google Ventures who invested around $65 million in the form of courtesy funding.
The investment comes after the company`s successful Series B investing round that took place at the end of August, as Tech Crunch wrote in a report. Some of the major investors that took part in the round included con Ventures, Kleiner Perkins, Legend Star, Lux Capital, Silicon Valley Bank, Telstra Ventures and Steve Wozniak. At the time, CEO Alex Fielding told the online media that the money would be used for the development of new robots and staff expansion.
Now Google Ventures has joined with an added funding due to company`s steady growth to date. The Bay Area-based service reportedly added 100 jobs last year and is planning to add another 150 in 2018. The goal is to scale the service`s offerings while attracting more high-profile customers.
“Google’s motivation for working with us on this round largely surrounded access to information that’s never been available on a search index before.“, as Fielding said in an interview with Tech Crunch.
“And new and more interesting ways to search content. There is no Google Page Rank for paper, how do you make sense of that stuff when you don’t know who authored it, you don’t know how credible they are, you don’t know what references it relates to?”, as Fielding added.
Ripcord claims to have a solution with its online records management platform that allows users to manage their enterprise content, even if it used to be a physical document. Check out how it works here.