Telstra Ventures has completed a strategic investment in Ripcord, a robotic digitisation company which specialises in document management.
In significantly reducing document management costs, the telco giant aims to roll out the solution to government and financial services customers across Australia.
Headquartered in the US, the vendor delivers an end-to-end digitisation solution that uses robots to scan records and make them accessible on Ripcord’s cloud platform, Canopy.
Once records are uploaded to Canopy, users can search, share and connect records to other enterprise applications such as SAP, Oracle, and NetSuite.
Co-founded by former Apple and NASA employees, notable customers include Bechtel, UCLA, Wilson Sonsini, as well as a number of Fortune 100 companies.
“The records management market is valued at US$62 billion and is comprised of records and information management, managed print service and enterprise content management,” Telstra Ventures managing director Mark Sherman said.
“Ripcord is working towards a paperless world and is using sophisticated automation and software to turn their paper records into a secure, fast and all-inclusive records management solution.”
According to Sherman, the investment was driven by Ripcord’s ability to “disrupt the traditional records management market” with a solution which includes shipping, scanning, indexing, auto-classifying of documents, and unlimited access to Canopy.
“While other vendors can only provide point solutions for the lifecycle of document digitisation, Ripcord offers an end-to-end solution that helps reduce the cost for enterprises to manage physical document boxes and make these documents digitally accessible,” Sherman added.
“It is believed that customers can save approximately 90 per cent on their document management costs with Ripcord.
“This would be a significant benefit for our government and financial services customers, so we are keen to bring Ripcord’s solution to them.”
Telstra’s backing followed the announcement of an additional $25 million in equity funding led by GV (formerly Google Ventures), with participation from previous investors Icon Ventures, Kleiner Perkins, Lux Capital, and Silicon Valley Bank.
As a result, the funding drive increased the total Series B funding round to $65 million.
“The robots we developed can process documents 10-times faster than human-based scanning,” Ripcord CEO and co-founder Alex Fielding added.
“We can digitise over 2.5 million documents a day with the number expected to rise to 50 million by the end of 2018.
“We have a mission to build the products and services that will take the world paperless.”
Since launching in early 2017, Fielding said Ripcord has not only helped companies in the US with document management, but have also received requests from global companies around the world.
“We look forward to leveraging Telstra’s network in Asia Pacific to assist us achieve our mission,” Fielding added.