Ephesoft earns $15m investment from Mercato Partners
Document capture and data analytics company Ephesoft landed $15 million in Series A funding from Mercato Partners. This marks the company’s first round of funding since it was founded in 2010, reports Finovate (Banking Technology’s sister company).
“Mercato’s investment will help Ephesoft realise its vision of liberating meaning through machine learning technology,” says Ike Kavas, Ephesoft’s founder. “We view Mercato as a long-term strategic partner, and we appreciate their experience in helping visionary technology companies accelerate and manage growth. This funding will enable Ephesoft to help organisations improve business outcomes by identifying and rationalising dark data, then understanding how it impacts their business.”
Ephesoft’s cloud-based, machine learning technology generates insights from unstructured content by capturing, extracting, and analysing raw data for its 500 customers that operate in a variety of sectors ranging from financial services, US Federal government, insurance, mortgage and healthcare. At FinovateSpring 2017, the company demoed how its platform can be used to comb through international transaction data to identify and catch money launderers.
The California-based company will use the investment to accelerate product development and expand operations, market presence, and sales. As a part of the investment, Joe Kaiser, principal at Mercato Partners, will join Ephesoft’s board of directors.
Earlier this month, the company announced the availability of its cloud services on Microsoft Azure. In June, Ephesoft established its Asia Pacific offices in Sydney, Australia. The company was named to the 2015 Inc. 500 list of the fastest growing companies in America and has recently received a patent for its machine learning technology.