Captricity Raises $35M in Series C Funding
January 19, 2016 by Tim Darosa
On behalf of the team at Captricity, I’m excited to share news this morning of our most recent round of funding, $35 Million led by White Mountains Insurance Group, along with existing investors, Social Capital, and Accomplice.
Below is the press release that hit the wire earlier today and look for a post next week from our Founder and CEO, Kuang Chen, recapping 2015 and previewing what’s ahead for us in 2016.
Captricity Raises $35M in Series C Funding to Provide Customer Data Access for Insurance, Government and Non-profits
White Mountains Insurance Group Leads Latest Investment to Expand Product Development and Sales Teams
Oakland, CA, January 19, 2016 – Captricity Inc., the Oakland-based startup that gives customers in regulated industries fast and easy access to customer data trapped in handwritten forms, today announced a $35 million Series C round of financing led by White Mountains Insurance Group, LTD. (NYSE: WTM). Existing investors Social Capital and Accomplice also participated in the round. The latest round of funding brings Captricity’s total funds raised to $49 million. Earlier angel investors include Dave Goldberg, Reid Hoffmann and Mitch Kapor and the Knight Foundation. Teresa Chia, Senior Vice President at White Mountains Capital, Inc., will join Captricity’s board of directors.
Captricity’s cloud-native Data-as-a-Service platform is fast, scalable and highly accurate — far exceeding the gold standard of conventional data entry processes. The results are unprecedented: 99.9%+ accurate, up to 50 times faster turnaround, 100% HIPAA compliant and government-trusted — all at a fraction of the cost of legacy solutions. Captricity’s proprietary technology combines deep learning and human intelligence to convert complex handwritten forms into actionable data, providing customers seamless access to customer information without risky business process transformation requirements.
"We believe Captricity is uniquely positioned to disrupt the insurance, healthcare and government sectors with its Data-as-a-Service solution designed to eliminate inefficient manual data entry processes," said Teresa Chia, Senior Vice President at White Mountains Capital, Inc. "Captricity’s technology delivers unprecedented accuracy - even on complex handwritten forms - that allow Captricity customers to deliver a game-changing, best-in-class experience for customers and constituents alike.”
Captricity was founded by Kuang Chen, whose PhD research in Tanzania and Uganda revealed the need to transform paper-based documents into digital data to improve organizations’ efficiency and service to those they serve. Since commercializing its proprietary solution in 2011, Captricity has modernized paper processes for leading organizations such as New York Life, AXA, the Food & Drug Administration (FDA), Federal Election Commission (FEC), inVentiv Health, Xerox Healthcare, Innovations for Poverty Action, and others.
"Captricity transforms hard-to-change paper workflows into digital data streams that create operational efficiencies and enable advanced analytics aimed at improving overall customer engagement," said Kuang Chen, CEO and Founder of Captricity. "This funding is a vote of confidence towards our mission to democratize customer data access for organizations that serve everyone. We are excited to further enable our highly regulated customers, both commercial and non-profit, to better engage with their customers."
For more information please visit www.captricity.com and www.captricity.org.
About Captricity Captricity is secure cloud software that transforms handwritten paper forms into digital data with 99%+ percent accuracy. Captricity's cloud solution features unique crowd-guided deep learning technology that can extract data from any source - paper documents, scans, faxes, emails, call centers and web forms - and connect automatically to backend systems to empower advanced analytics and eliminate the need for costly, ineffective manual data entry processes. Captricity serves a broad range of markets, including insurance, healthcare, government and non-profits. More at www.captricity.com and www.captricity.org.
About White Mountains Insurance Group, Ltd. White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM. Additional financial information and other items of interest are available at the Company's web site located at www.whitemountains.com.
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