Ocrolus, a New York City-based provider of solutions to analyze financial documents, raised $4m in Series A funding.
The round was led by Bullpen Capital with participation from QED Investors, Laconia Capital Group, ValueStream Ventures, RiverPark Ventures, Sam Hodges (co-founder, Funding Circle), Vince Passione (CEO, LendKey), Ram Ahluwalia (CEO, PeerIQ), Bill King (former head of securitization, JP Morgan), Hugh Nguyen (CEO, ClearServe) and Tanya Barnes (managing director, Golden Seeds), among others. In conjunction with the funding, David Arcara of Laconia Capital Group and Nick Adams of Differential Ventures will be joining Ocrolus as board members. Paul Martino of Bullpen Capital, Amias Gerety of QED Investors and Karl Antle of ValueStream Ventures will be board observers.
The company intends to use the funds to accelerate the deployment of data verification solutions for lenders and a variety of other organizations in financial services and healthcare eligibility.
Led by Sam Bobley, co-founder and CEO, and Victoria Meakin, co-founder and president, Ocrolus is a technology company that combines computer vision with crowdsourced quality control to automate data verification and analysis for bank statements and other financial documents. The company’s products, PerfectAudit and Medicaid-Genius, analyze e-statements, scans and cell phone images of documents from every financial institution.
Ocrolus launched its PerfectAudit product in 2016 to lenders, accounting firms, lawyers, insurance auditors and investigative units. The API version of PerfectAudit was specifically designed to automate cash-flow analyses for lenders. The company is currently working with a majority of the top online small business funders and is now introducing PerfectAudit in personal, auto and mortgage lending. After winning an RFP award to modernize Medicaid eligibility determinations, Ocrolus will be implementing PerfectAudit’s sister product, Medicaid-Genius, with government agencies later this year.