Indico Raises $22 Million in Series B Funding
Indico, a provider of enterprise AI solutions for intelligent process automation, announced an infusion of $22 million of series B funding co-led by Jump Capital and Sandbox Ventures. Bringing the total capital raised to $36 million this investment supplements prior funding 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.
The new funding will enable Indico to further capitalize on its position as a leader in the fast-growing intelligent automation category. Built on its breakthrough artificial intelligence approach, Indico enables customers to capture dramatic efficiency gains by automating the intake and understanding of document and image-based workflows across the insurance, financial services and healthcare industries.
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“The global pandemic has created a dramatic new set of challenges for business leaders in 2020”, said Tom Wilde, CEO Indico. “One of the most direct results has been the accelerated investment in digital transformation and automation initiatives to create more robust operating capabilities. Indico’s solution for the automation of document intensive workflows continues to drive results across our key verticals with our “business first” product strategy and our disruptive core technology advantage.”
“Automation has been among the fastest growing segments of the enterprise market over the past five years, and the pandemic has sown the seeds for accelerated adoption, as companies seek to pursue aggressive transformation efforts,” said Anil Vijayan, Vice President, Everest Group. “While RPA has become near-ubiquitous, enterprises continue to push the boundaries of automation potential by using it along with process mining, Intelligent Document Processing (IDP) and other intelligent automation technologies. Document-centric technologies such as IDP, in particular, are set to see explosive growth given the rising maturity of the technology, the sheer volumes of enterprise documents being processed manually, and the clear path to ROI.”
As part of its continued investments in the Indico product and technology, the company plans to double headcount in 2021, including new leadership hires in sales, partnerships, marketing, finance and solution engineering. The company also plans aggressive expansion of its channel relationships and integration partnerships to further broaden Indico’s industry footprint.
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.
“We are just at the beginnings of the intelligent automation movement. The market opportunity for Indico is huge as they enable enterprises unlock significant value. I am very excited to work with Tom, Slater and their brilliant team to help build an industry leading company in the automation space.”, said Saurabh Sharma, General Partner at Jump capital who will be joining the company’s board.”
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