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Ripcord, the Steve Wozniak-backed file scanning startup, is raising new cash | TechCrunch

Oct 14, 2023 - news.bensbites.co
Ripcord, a startup that develops robots to digitize paper records, is looking to raise between $20 million and $25 million in a new funding round, which would value the company at $110 million pre-money. Alphabet’s GV, Lux Capital, and MUFG are in talks to participate in the round. The company has previously raised funds from investors including Kleiner Perkins, Silicon Valley Bank, Tyche Partners, Icon Ventures, and Baidu, and if successful, this round would bring Ripcord’s total raised to around $150 million.

Ripcord's revenue was $11.8 million in 2022, up from $5.9 million in 2021, and the company expects to end 2023 with $22.5 million in revenue. The company, which is not currently profitable, is developing a generative AI tool called Docufai for document discovery. The tool is designed to allow customers to ask questions about scanned documents and get answers. Ripcord aims to onboard 1,000 users to Docufai by the end of Q3 2023 and release a paid tier in 2024.

Key takeaways:

  • Ripcord, a startup that develops robots for digitizing paper records, is looking to raise $20 million to $25 million in a new funding round, which would value the company at $110 million pre-money.
  • Alphabet’s GV, Lux Capital and MUFG are in talks to participate in the round, with MUFG being a new potential backer.
  • Ripcord's revenue was $11.8 million in 2022, up from $5.9 million in 2021, and the company expects to end 2023 with $22.5 million in revenue.
  • Ripcord is developing a generative AI tool called Docufai, designed for document discovery, which it plans to launch in September.
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