- Staple raises $4M in Wavemaker-led pre-series A round.
- The Singapore-based company automates data extraction and financial workflow.
- The funding will help refine Staple’s tech, tailor services, and fuel global expansion plans.
Drowning in documents? Staple to the rescue!
Companies often find themselves grappling with a staggering 1,000 to 100,000 documents in various formats each month.
Manual processes, necessitated by the unstructured nature of the data, are the norm, says Paul Santos, managing partner at Wavemaker Partners.
Wavemaker has invested in Staple, a Singapore-based startup that harnesses the power of AI to provide document processing solutions.
AI-powered solutions for seamless processing
Staple, which can process a wide range of document types across over 200 languages, has been tackling documentation issues since 2018.
The need for such a solution is clear: manual processing is error-prone, and each mistake could cost firms US$50 to rectify, potentially leading to millions of dollars in unnecessary expenses annually, Santos added.
Staple enables companies to automate data extraction and financial workflows, offering use cases such as scanning invoice data, analyzing bank statements, and examining forms at scale.
The US$4 million pre-series A funding round, led by Wavemaker Partners, will help Staple refine its AI-powered tech and tailor its services to diverse business needs.
The company, already boasting a presence in over 56 countries, will also use the capital to fuel its global expansion plans.
To read the original article: https://www.techinasia.com/wavemaker-partner-leads-4m-ai-document-processing-firm
