New investments in leadership team, channel partnerships and product enhancements follow on 300% growth in revenue in 2020
BOSTON, Dec. 14, 2020 — Indico, a provider of enterprise AI solutions for intelligent process automation, today 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.
“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.”
Indico is the leading provider of Intelligent Process Automation (IPA) solutions. We help organizations turn process into profit by enabling them to automate manual, labor-intensive, document-based workflows. Our breakthrough in solving these challenges is an approach known as transfer learning, which allows users to train machine learning models with orders of magnitude less data than required by traditional rule-based techniques. With Indico, enterprises are now able to deploy AI to unstructured content challenges more effectively while eliminating many of the common barriers to adoption. For more information, visit https://indico.io/
About Jump Capital
Jump Capital is a thesis-led venture capital firm specializing in series A/B and growth-stage investments ranging from $2 million to $20 million. Jump focuses on data-driven software companies across the Application Software, IT and Data Infrastructure, Fintech and Media sectors. Investing with an operating-centric approach, Jump provides advocacy and support for entrepreneurs, complemented with institutional level resources. Visit https://jumpcap.com/ for more information or follow us @jumpcapital.”
About Sandbox Insurtech Ventures
Sandbox Insurtech Ventures unites innovative insurance companies in a fund syndicate model, invests in promising technology start-ups, and drives collaboration between incumbents and insurtechs. The fund team provides a global perspective on insurance innovation and, through investments in best-in-class insurtech start-ups, provides both attractive financial returns and strategic advantages for investors. Sandbox Insurtech Ventures is part of Sandbox Industries, an established venture capital firm that manages industry-specific funds. Learn more at www.sbxinsurtech.com.
About Nationwide Ventures
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter. Nationwide, Nationwide is on your side and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2020