Ephesoft Secures $15 Million in Series A Funding to Expand Document Capture and Analytics Solutions
Ephesoft Inc., a developer of document capture and analytics solutions to extract meaning from unstructured content, has completed a $15 million Series A financing round. Mercato Partner is the exclusive investor in this round which is targeted at accelerating Ephesoft’s product development while expanding operations, market presence, and sales channels.
Founded in 2010 by Ike Kavas, Ephesoft has developed advanced machine-learning solutions that capture, extract and analyze unstructured content. The company has more than 500 customers globally spanning the financial services, federal government, insurance, mortgage, and healthcare sectors.
Joe Kaiser of Mercato Partners will join the Ephesoft board of directors as part of the investment. Organizations are struggling with the volume of unstructured content, which represents upward of 80% of all available content, and is growing at a rate of 43% per year, said Kaiser. Ephesoft’s solutions are disrupting the advanced capture market by applying machine learning to help convert these unstructured information streams and repositories into actionable data, Kaiser noted.
Ephesoft’s Transact and Insight platforms are currently leveraged by financial institutions to speed mortgage processing and approvals, by government agencies to identify anomalies in background investigations, and by companies across all markets to accelerate invoice approvals, automate patient records, and improve document-driven business processes.
For more information, go to ephesoft.com and www.mercatopartners.com.