Ripcord, a Hayward, Calif.-based robotic digitization company dedicated to creating a paperless workplace, raised $25M in equity and $15M in debt totaling $40M in Series B funding.
The round was led by Icon Ventures with participation from Kleiner Perkins Caufield Byers, Lux Capital, and Silicon Valley Bank. As part of the financing, Icon Ventures General Partner Jeb Miller will be joining the Ripcord Board of Directors.
The company will use the funds to bolster its production capacity by building new robots to meet demand for records digitization, build out the Ripcord Canopy* software capability for records management enterprise integration, hire over 100 new employees in the next 12 months, and expand into new markets.
Led by CEO Alex Fielding, Ripcord enables companies to digitize paper records and connect those records to existing enterprise systems.
Its digitization solution includes scanning, natural language search technology, records certification tools, and cloud access via “Ripcord Canopy”. Once records are uploaded to Ripcord Canopy, users can share and connect records to other enterprise applications like SAP, Oracle, and NetSuite.
*Ripcord Canopy offers:
– Advanced search
– Integrations to common ERP, CRM, HRIS, and eDiscovery platforms
– Smart artificial intelligence features including auto-classification and anomaly detection
– Compliance and records management tools to satisfy multiple regulations
– End-to-end records security to protect sensitive information and notify customers when the system detects anomalies
– Blockchain based chain of custody and provenance assures indelible evidence of every record accessed, shared, or deleted
– Advanced tools to assist companies with GoBD and litigation hold notices