Ocrolus Analysis: $139M Raised
What is Ocrolus?
Ocrolus provides AI-driven document processing automation to help lenders manage risk, avoid fraud, and expedite financial decision-making.
Location
Ocrolus's headquarters is located at 101 Greenwich St, 11A, New York, NY 10006, United States.
Employees
1200
Founded
2014
Founded Year
2014
Funding Amount
$139M
Latest Funding Round Size
$139M
Market Position
Leader
Product Features & Capabilities
- AI-driven document processing automation, document classification, data extraction, fraud detection, cash flow analysis, income verification, address verification, employment verification, identity verification.
Use Cases
Evaluate cash flow using bank data analytics; Calculate income for diverse employment profiles; Extract and validate address information from documents; Retrieve employment data from multiple sources; Confirm identity using various document types.
How much Ocrolus raised
Funding Round - $139M
RecentFuture Outlook
Ocrolus predicts that by 2025, lenders will adopt a more balanced approach to AI-assisted mortgage lending. They expect AI to excel in tasks such as document classification and data extraction, which will enhance efficiency in the lending process. The company is optimistic about a favorable credit market, driven by positive economic trends, which will further encourage the integration of AI in financial services.
Key Products
Ocrolus offers several key products and services in the AI sector, primarily focused on document processing automation. Their main offerings include:
- AI-Powered Document Processing: This service automates the analysis of various documents, enabling faster and more accurate financial decisions for lenders.
- Fraud Detection: The platform includes features for detecting fraud by analyzing documents and financial data.
- Data Capture and Sorting: Ocrolus provides tools to instantly sort documents and capture relevant data, streamlining the lending process.
- Instant Document Analyzer: A specific service that allows lenders to analyze bank statements and other financial documents quickly.
These services are designed to help lenders manage risk and improve operational efficiency.
Awards and Recognition
Ocrolus has received notable recognitions including being ranked as the #28 fastest-growing company on Deloitte's Technology Fast 500 list and the #1 fastest-growing software company in New York in 2020. Additionally, they were shortlisted for the Best AI Solution at the Banking Tech Awards USA for their products, Ocrolus Instant and Ocrolus Cash Flow Analytics.
HQ Full Address
Ocrolus's headquarters is located at 101 Greenwich St, 11A, New York, NY 10006, United States.
Other Considerations
Raised $50M Series B in 2023; Serves notable clients like Bluevine and Brex; ISO 27001 certified for security compliance.
Awards Recognition
Ocrolus has received notable recognitions including being ranked as the #28 fastest-growing company on Deloitte's Technology Fast 500 list and the #1 fastest-growing software company in New York in 2020. Additionally, they were shortlisted for the Best AI Solution at the Banking Tech Awards USA for their products, Ocrolus Instant and Ocrolus Cash Flow Analytics.
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