CloudTrade, a London, UK-based provider of cloud-based e-invoicing, e-order and complex data capture services, raised £2m in its first funding round.
Calculus Capital made the investment.
The company intends to use the funds to accelerate expansion of its services in the US and EMEA, expand the team, deepen its research and development into complex data extraction, and its application into different solutions and sectors.
Founded in 2010 by David Cocks, Richard Manson and Richard Develyn, CloudTrade enables companies to transact digitally with their trading partners via e-invoice and e-document networks, connecting over 200 organizations to thousands of their trading partners, electronically, across numerous sectors and regions across the globe. The company’s core platform, which is protected by lasting patents in Europe, the U.S. and Australia, uses unique rules-based technology with backward tracking search, to interpret, validate and extrapolate semantic meaning from documents of any type: including invoices, sales and purchase orders, advanced shipping notices and other complex, data rich documents.