SortSpoke raises $4.5 million
AI document processing platform SortSpoke raised $4.5 million in funding led by IDEA Fund Partners, SixThirty Ventures, and a Fortune 500 insurance carrier. SortSpoke will use the funds to accelerate sales and marketing in the insurance and lending verticals.
Founded in 2017, SortSpoke helps enterprises turn unstructured documents into structured data, making it ‘easy’ to automate the complex data entry work done by humans. “SortSpoke uses proprietary, rapid machine-learning technology that allows enterprises to train in less than 1 day how to extract any data from any document type, structured or unstructured, in any language.” Customers include Reinsurance Group of America, SCM Insurance, Canadian Provincial Ministry, and TAI Reinsurance.
“In speaking with customers across the insurance vertical, we found that many (if not most) have tried and failed with one or more of SortSpoke’s competitors. Though many advertise the ability to work with unstructured data, the reality invariably falls short. When given the chance to try Sortspoke, customers are amazed at: a) how easy it is to use and b) how quickly it becomes self-learning and productive.” – John Cambier, Managing Partner, IDEA Fund Partners.
“This funding round is an exciting step in our journey to help business users reduce the amount of mundane data entry they do in their work. Our new venture partners are enabling us to achieve our goal of turning documents into data for more of the workforce, using our segment-leading product.” – Jasper Li, Founder and CEO of SortSpoke.
Bottom Line: Backed by a mysterious insurer.