Mindee Comes Out of Stealth Mode Raising $14M with its Developer Tool for Document Parsing that Eliminates Manual Data Entry in Software Applications and Automates Document Processing

Rhea-AI Summary

Mindee, an API-first platform focused on automating data entry, has raised $14 million in a Series A round led by GGV Capital, with participation from Alven, Serena Capital, and Bpifrance. The funding aims to expand Mindee's presence in the U.S. and Europe, enhancing its machine learning capabilities and platform features. Notable investors include leaders from Algolia and Datadog. Mindee simplifies document processing with its API, helping businesses mitigate manual data entry in various applications.

Positive

• Successful raise of $14 million in Series A funding.
• Investment led by reputable firms, indicating strong market confidence.
• Expansion plans in the U.S. and Europe to enhance market presence.
• Strong support from notable tech leaders from Algolia and Datadog.

Negative

• None.

GGV Capital Leads A Round with Alven, Serena Capital, and Bpifrance through its Digital Venture fund, and Tech Dignitaries from Algolia and Datadog as Mindee Capitalizes on RPA Movement

SAN FRANCISCO--(BUSINESS WIRE)-- Mindee, the API-first platform designed for developers to eliminate manual data entry, has emerged from stealth mode and announces today that it has raised a $14 million Series A round led by GGV Capital with participation from Alven, and existing investors Serena Capital and Bpifrance through its Digital Venture fund. Notable executives in the application development space who also participated in the round include the co-founder and former CEO of Algolia, Nicolas Dessaigne and the co-founder and CTO of Datadog, Alexis Lê-Quôc. The funding will be used to expand presence in the U.S. and European markets to further develop both the underlying machine learning engine and platform features.

Mindee Co-Founders Olivier Rey (CTO), Victor Briançon-Marjollet (COO), Jonathan Grandperrin (CEO) and Mohamed Biaz (CSO) (Photo: Business Wire)

Mindee helps developers automate workflows in their applications by standardizing the document processing layer. Mindee’s API helps companies avoid manual data entry and can be used in expense management, accounts payable automation, procurement, accounting, insurance, user and employee onboarding, loan applications, underwriting, and more.

“Documents are the fundamental currency of business, and as the world continues to move from paper to digital, documents need to keep up. We're very excited to work with Jonathan and the entire Mindee team as they bring document processing into the modern era with their powerful API,” said Tiffany Luck, investor with GGV Capital. Tiffany leads enterprise software investments with a focus on the API economy for GGV Capital and will join the Mindee board of directors as part of this financing.

“OCR is a decades old technology, with many off-the-shelf solutions built by Google or Amazon. Mindee’s unique approach is to package it into a simple product that developers can integrate with two lines of code with algorithms that are already trained on a growing library of use cases and workflows,” said Bartosz Jakubowski, principal, Alven. “This elegant solution is intuitive and is already proving valuable in the market.”

"While digital transformation is stepping up at break-neck speed, we consider Mindee as the most advanced solution on the market for data extraction and document processing. Mindee's powerful machine learning API will undoubtedly become a critical component of every business and every architecture. Ever since their seed round, we’ve been impressed by the team's execution and vision, as well as the progress they've made. We are proud and excited to support Mindee through major milestones,” said Bertrand Diard, Partner at Serena.

Mindee’s Machine Learning API

Mindee offers developers a document parsing API that can be deployed with two lines of code and production ready within hours. The API features state-of-the-art deep learning algorithms. The API can be trialed free of charge (no credit card required) and used for any type of document.

“Document processing is the bottleneck for most modern workflows. Instantly parsing documents with better than human accuracy is the challenge for the decade to come on our way to digital transformation. Mindee combines state-of-the-art deep learning research with a unique developer centric approach to help software products tackle this challenge,” said Jonathan Grandperrin, CEO, Mindee.

About Mindee

Mindee is a pioneer of document parsing API leveraging machine learning to reduce manual data entry in software products. Headquartered in San Francisco, CA, U.S. and Paris, France, the company serves the finance, research, insurance, government, healthcare and logistics industries with state-of-the-art software for the developer community. Backed by venture capitalists including GGV Capital, Alven, Serena Capital, Venture Capital BPI France, as well as executive standouts from the application development industry, Mindee is well positioned to take advantage of the robotics process automation trend. For more information visit us at: https://mindee.com/ and follow us on LinkedIn, Twitter

About GGV Capital

GGV Capital is a global venture capital firm focused on multi-stage, sector-focused investments. Recognizing that the talent to build great companies can come from anywhere, the firm invests in founders building category-leading companies around the world. Founded in 2000 with roots in Singapore and Silicon Valley, GGV has expanded with additional offices in San Francisco, Shanghai, and Beijing. The firm manages $9.2 billion in investments across the United States, Canada, China, Southeast Asia, India, Latin America, and Israel. Over the past two decades, the firm has backed more than 400 companies, including Affirm, Airbnb, Alibaba, BigCommerce, Grab, HashiCorp, Hello, Keep, Kujiale, Opendoor Technologies, Peloton, Poshmark, Slack, Square, StockX, Udaan, Vedantu, Wish, XPeng, Zendesk, and more. More information can be found at www.ggvc.com and @ggvcapital.

About Alven

Alven is an independent early-stage venture capital firm with over $500m under management and a successful track record of backing more than 130 startups over 20 years. Our mission at Alven consists in supporting the long-term success of European category-defining startups with global reach, starting at Series A or Seed stage. Alven’s sectors of interest include notably B2C/B2B marketplaces, productivity and dev tools, vertical AI platforms, consumer social & entertainment, B2C financial services and wellness brands. Past or current investments include Algolia, Dataiku, Drivy, Happn, Wit.ai (Facebook), CaptainTrain (Trainline/KKR), MeilleursAgents (Axel Springer), SeLoger (IPO), Webhelp, Peopledoc, Sqreen, Meero, Jobteaser, Sézane, Qonto, and OpenClassrooms. Learn more at www.alven.co

About Serena

Serena invests in bold ventures and provides them with an unrivaled level of expertise and operational resources in Paris and New York.

Serena’s portfolio can leverage an experienced team of Operating Partners and a very active C-Level community, the Serena Squad, open exclusively to present and past companies, each contributing to the other’s success.

Founded in 2008, by entrepreneurs for entrepreneurs, Serena’s core belief is that VCs should work for their organizations, not the other way around.

About Bpifrance and its Digital Venture fund

Bpifrance finances companies - at every stage of their development - in credit, collateral and equity. Bpifrance supports them in their innovation projects and internationally. Bpifrance also ensures their export activity through a wide range of products. Consulting, university, networking and acceleration programs for start-ups, SMEs and ETIs are also part of the offer proposed to entrepreneurs. Thanks to Bpifrance and its 49 regional offices, entrepreneurs benefit from a close, unique and efficient contact to help them face their challenges.

Bpifrance Digital Venture is the VC team within Bpifrance, dedicated to digital and tech companies aiming to become global leaders in their market. It focuses on Seed and Series A/B stages. With €700 million under management, the team backed 90+ companies and had 18 exits since 2011. Amongst the investments made by Bpifrance Digital Venture team are Teads (bought by Altice), Talentsoft, Netatmo (Legrand), Meilleurs Agents (Axel Springer), Balyo, Manomano, Evaneos, Openclassrooms, Klaxoon, Livestorm, Shippeo. More information on: www.Bpifrance.fr. Follow us on Twitter @Bpifrance - @BpifrancePresse - @BpifranceDV

View source version on businesswire.com: https://www.businesswire.com/news/home/20211006005116/en/

Nina Gill

mindee@10fold.com

Source: Mindee

FAQ

What did Mindee announce in its latest press release?

Mindee announced it raised $14 million in Series A funding to enhance its document processing API and expand its presence in the U.S. and European markets.

Who led the funding round for Mindee?

The funding round was led by GGV Capital, with participation from Alven, Serena Capital, and Bpifrance.

How will Mindee use the funding it received?

Mindee plans to use the funding to develop its machine learning capabilities and expand its platform features.

What is the main product offered by Mindee?

Mindee offers an API that automates document processing to eliminate manual data entry for various business applications.

Who are some notable investors in Mindee's funding round?

Notable investors include executives from Algolia and Datadog.