The Intelligent Document Processing (IDP) vendor receives an investment from venture capital (VC) and private equity (PE) firm Riverside Acceleration Capital (RAC), which provides flexible capital for growth-stage B2B software and technology companies.
Infrrd, an Intelligent Document Processing (IDP) vendor, announced on August 15, 2024, that it has received an investment from venture capital and private equity firm Riverside Acceleration Capital (RAC). The terms of the investment were not disclosed.
Zak Ray, Partner at Riverside Acceleration Capital, explained: “We’ve been impressed with the team, their growth, and their technology. We believe the need for intelligent data processing will only continue to grow, and we look forward to supporting Infrrd as they help businesses globally unlock new levels of productivity and accuracy.” He added: “We are looking forward to helping Amit Jnagal and team continue to grow this outstanding business. They have an excellent, forward-looking team that is delivering on their promise to bring intelligent document processing to enterprises at scale and cost effectively.”
Infrrd commented on the investment: “Thank you so much for your confidence in Infrrd. We look forward to a long journey of innovation and success together!”
Jonathan Temple, Operating Partner at Riverside Acceleration Capital, commented: “Absolutely thrilled to be working with Amit Jnagal and the whole Infrrd team as we help support their push to become the leader in intelligent document processing. This is going to be a fun ride and welcome to the Riverside Acceleration Capital portfolio.”
A month ago, Infrrd announced the launch of MortgageCheckai, its automation solution that supports more than 600 mortgage document types to accelerate loan closings and automate end-to-end mortgage audits. The MortgageCheckai platform uses patented AI algorithms to automatically index, categorize and verify loan documents with high data accuracy. In order to launch MortgageCheckai, Infrrd has partnered with Asurity, a provider of compliance-focused services and solutions.
Headquartered in San Jose, California, Infrrd provides proprietary and patented Intelligent Document Processing (IDP) solutions that leverage AI and machine learning to enable organizations to extract and manage data from semi-structured and unstructured documents in large volumes.
You can find the full press release here.
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