Ripcord

Ripcord offers a document processing platform that leverages physical robots to autonomously scan and convert paper documents into digital files. These robots can detect and remove fasteners, classify documents, and extract relevant data, such as invoice numbers, locations, names, and dollar amounts based on a user’s requirement. Ripcord also provides an integrated SaaS platform called “Canopy” that enables users to upload scanned documents to the cloud and convert them to searchable PDFs. Moreover, Canopy also integrates with a range of third-party business intelligence and data processing software. 

In October 2023, the company announced plans to launch a GenAI-powered document discovery tool called “Docufai.” The tool enables users to ask natural language questions about scanned documents and receive AI-generated answers. Ripcord also planned to include a document translation, related documents search and sharing features, as well as a collaborative notebook. The company aimed to onboard 1,000 users by the end of Q3 2023 and release multiple pricing tiers for the product in 2024.

The company has also leveraged acquisitions to integrate new technology into its product portfolio. In 2020, Ripcord acquired Engine ML, a deep-learning infrastructure development company, to offer document intelligence solutions to its customers. The company went on to acquire LearningPal, an optical character recognition (OCR) and document processing technology provider, for an undisclosed amount in April 2022. The company integrated LearningPal’s technology into its own platform to offer native Japanese language extraction capabilities and improved large-format document processing to its customers. 

Key customers and partnerships 

Ripcord leverages a number of partnerships with logistics firms to transport physical files from customers to its facilities. In 2020, the company launched a joint venture with Fuji Xerox to expand its operations in Japan and the Asia-Pacific region, and by October 2023, it operated three facilities (one in the US and two in Japan).

In 2020, the company reported that it had processed over one billion pages per year for customers like Coca-Cola, BP, Chevron, UCLA, Cantium, and the IRS.

Funding and financials 

In October 2023, the company raised USD 20 million in new funding (which included a USD 8.5 million bridge note) out of an ongoing USD 35 million round. Ripcord reportedly generated revenue of USD 11.8 million in 2022 (up 100% YoY). Furthermore, it expects to reach a revenue of USD 22.5 million in 2023.