Indico, a Boston, MA-based provider of enterprise AI solutions for intelligent process automation, raised $22m in series B funding.
The round, which brought total capital raised to date to $36m, was co-led by Jump Capital and Sandbox Ventures with participation from .406 Ventures, Osage Venture Partners, Hyperplane Venture Capital, and Boston Seed Capital as well as a new investment from Nationwide’s venture capital arm. With the Series B financing, Indico added two new board members, Chris Zock from Sandbox Ventures and Saurabh Sharma from Jump Capital to provide industry knowledge and guidance.
The company intends to use the funds to continue to expand operations and its business reach. As part of its continued investments in the product and technology, the company plans to double headcount in 2021, including new leadership hires in sales, partnerships, marketing, finance and solution engineering and expand its channel relationships and integration partnerships to further broaden its industry presence.
Led by Tom Wilde, CEO, Indico provides Intelligent Process Automation (IPA) solutions enabling organizations to automate document-based workflows. The company leverages artificial intelligence technology to enable customers to automate the intake and understanding of document and image-based workflows across the insurance, financial services and healthcare industries.