GGV Capital Leads A Round with Alven, Serena Capital, and Bpifrance through its Digital Venture fund, and Tech Dignitaries from Algolia and Datadog as Mindee Capitalizes on RPA Movement
Mindee, the API-first platform designed for developers to eliminate manual data entry, has emerged from stealth mode and announces that it has raised a $14 million Series A round led by GGV Capital with participation from Alven, and existing investors Serena Capital and Bpifrance through its Digital Venture fund. Notable executives in the application development space who also participated in the round include the co-founder and former CEO of Algolia, Nicolas Dessaigne and the co-founder and CTO of Datadog, Alexis Lê-Quôc. The funding will be used to expand presence in the U.S. and European markets to further develop both the underlying machine learning engine and platform features.
Mindee helps developers automate workflows in their applications by standardizing the document processing layer. Mindee’s API helps companies avoid manual data entry and can be used in expense management, accounts payable automation, procurement, accounting, insurance, user and employee onboarding, loan applications, underwriting, and more.
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“Documents are the fundamental currency of business, and as the world continues to move from paper to digital, documents need to keep up. We’re very excited to work with Jonathan and the entire Mindee team as they bring document processing into the modern era with their powerful API,” said , investor with GGV Capital. Tiffany leads enterprise software investments with a focus on the API economy for GGV Capital and will join the Mindee board of directors as part of this financing.
“OCR is a decades old technology, with many off-the-shelf solutions built by Google or Amazon. Mindee’s unique approach is to package it into a simple product that developers can integrate with two lines of code with algorithms that are already trained on a growing library of use cases and workflows,” said Bartosz Jakubowski, principal, Alven. “This elegant solution is intuitive and is already proving valuable in the market.”
“While digital transformation is stepping up at break-neck speed, we consider Mindee as the most advanced solution on the market for data extraction and document processing. Mindee’s powerful machine learning API will undoubtedly become a critical component of every business and every architecture. Ever since their seed round, we’ve been impressed by the team’s execution and vision, as well as the progress they’ve made. We are proud and excited to support Mindee through major milestones,” said Bertrand Diard, Partner at Serena.
Mindee’s Machine Learning API
Mindee offers developers a document parsing API that can be deployed with two lines of code and production ready within hours. The API features state-of-the-art deep learning algorithms. The API can be trialed free of charge (no credit card required) and used for any type of document.
“Document processing is the bottleneck for most modern workflows. Instantly parsing documents with better than human accuracy is the challenge for the decade to come on our way to digital transformation. Mindee combines state-of-the-art deep learning research with a unique developer centric approach to help software products tackle this challenge,” said Jonathan Grandperrin, CEO, Mindee.
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