A marquee list of early investors has backed IN-D.ai that combines computer vision and natural language processing to read and understand documents to automate its distribution process.
IN-D.ai, a leading provider of intelligent document and image-processing solutions, confirmed that it has closed a seed round of $750K following a pre-seed investment of $500K. As per the company, the focus of this round was to get industry leaders, who could be advisors and evangelists, on-board its cap table.
Hugh Simon, founder and CEO of Hamon Investment Group, commented, “IN-D is a fantastic Artificial Intelligence software company that is rapidly expanding product portfolio and market reach. The fact that we have drawn interest from heads of investment banking and leaders from capital markets shows that the financial services industry values the potential that this technology brings.”
Manmeet Singh, founder of the blockchain focused fund, Blockseed Ventures, became an investor in IN-D with the belief that “the biggest challenge for moving businesses to blockchain is being able to digitize off-chain documents and bring them on-chain to establish the provenance of data. From digitizing letters of credits in trade finance to digitizing real estate documents, IN-D has a critical role in most commonly used blockchain functions.”
The company’s business has grown more than ten-fold during the course of last year. Co-founder and CEO, Abhishek Mishra, underlines that “a global bank using IN-D to automate its audit function, several US financial institutions using IN-D for their verification agent roles, and a leading airline making the ‘fit to fly’ check seamless with our product, is what excites us. We were finalists for India Fintech Awards for two consecutive years and finalists at AWS ML Elevate. We won United Nations backed Pacific Financial Inclusion Program’s innovation award, and we have filed three patents during the last year. Our R&D strength and innovation focus has got us client endorsements, and this has set us on an exciting course to grow.”
Arjun Malhotra, one of the pioneers of the Indian IT industry, and co-founder of HCL and Headstrong is an Advisor to the Board. “With its focus on cognitive automation, IN-D has a lot of synergy with RPA products, low code platforms, digital consulting and IT services companies. I am excited about enabling this ecosystem for IN-D,” stated Arjun.
