One of the latest Australian-based companies to get funded is OCR Labs. The company has raised $15 million in a series A led by Oyak Group, butchertechcrunch and TechCrunch. This move comes as the company aims to expand its services to the United States.
ocr labs to expand to the u.s.
OCR Labs is a digital identity verification company that helps customers authenticate themselves. The firm’s technology uses deep learning engines to provide automated document verification and fraud assessment. Its solutions are used by insurers, banks, and other financial institutions. In addition to its security services, the company also provides customer onboarding solutions.
The company is headquartered in London, and serves customers across the United States, Canada, Europe, and Australia. To date, it has verified more than 15,000 documents in more than 230 countries.
OCR Labs is a digital identity solution provider that specializes in customer onboarding. Using its proprietary, user-centric software, OCR Labs can authenticate identities through facial recognition and a verified identity document. Additionally, the solution is certified to meet the highest third-party testing standards.
OCR Labs has been in operation for almost three years and has a growing team. The company recently secured $30 million in Series B funding from Equable Capital. This money will help the company expand its operations in North America, as well as in EMEA. A direct sales force will also be created.
The company offers several industry-specific technologies, such as face matching and video fraud assessment. These solutions are designed to lower identity theft and fraud. They are also useful in compliance with anti-money laundering and know your customer regulations.
ocr labs to partner with butchertechcrunch
OCR Labs is a new kid on the block. In a matter of months, the Aussies have penned a handful of marquee customers in the U.K. and are gearing up for North American expansion. They’ve hired the global CRO, and tapped a few well known names in the tech space for a few keystrokes. The company is certainly looking to show off their shiny new wares. Among their first round of investments was a $30 million slushy from the likes of VCs with a pulse, such as Equable Capital and Halkin Ventures. On the client front, the company has signed up BMW and the Australian Government. Their latest round of funding also saw the insertion of Rus Cohn, a former Googler a la Google Goggle, into the helm of their UK office.
In the ensuing year, OCR has launched a new product, and restructured their corporate culture. A newly appointed CFO is tasked with implementing an aggressive revenue growth plan, while a global sales team stretches across the globe. In the short term, they’ve doubled their growth rate in a single year, which is a feat in itself.
Conclusion
OCR is a company that is based in Australia and is currently in its Series A round. It is being funded by both Investors and Founders. The details of the round are listed in this article.
