London-based Microblink, which claims to be a global leader in AI-powered computer vision software announced that it has closed $60M (nearly €49M). Microblink’s founders have bootstrapped the company into a profitable business by building verticalised computer vision products that help businesses digitise documents, automate processes, and eliminate manual data entry.
Gets first funding
The investment was led by a Boston-based growth equity firm – Silversmith Capital Partners. Notably, this is the first time Microblink has obtained funds from outside since its debut in 2013. The partnership will let Microblink accelerate growth in key business areas such as product development, and expanding its team.
“As enterprises increasingly move towards automation, we are excited to reinvest in our existing business and explore new ways our computer vision platform can solve pain points for companies across a variety of industries,” says Darren Bassman, co-founder & CEO of Microblink.
With this investment, Silversmith General Partner, Sri Rao has joined Microblink’s Board of Directors alongside Bassman and Microblink co-founder Damir Sabol.
Helps businesses save money and time!
Microblink is known for building verticalised computer vision products that help businesses digitise documents, eliminate manual data entry, and automate processes. The main focus areas of Microblink include digital identity via ID scanning, purchase data collection via receipt scanning, and payments made via credit card scanning.
Microblink is an R&D company developing proprietary computer vision technology optimised for real-time processing on mobile devices. Advanced neural networks and deep learning techniques are used to process the fastest and the most accurate text recognition locally on a mobile device. Therefore, it offers a variety of products as mobile SDK (software development kit) or Web API tailored for specific use-cases. The company aims to completely eliminate the need for manual data entry on mobile devices, thus improving user experience and engagement.
Currently, the products of this company are used by millions of end-users who scan billions of documents each year. Its global customer base is spread across 70 countries with businesses in telecom, retail, financial services, insurance, consumer packaged goods, and market research, claims the company.
Microblink’s product suite: A sneak peek
The current product suite of Microblink includes BlinkReceipt, which scans solution to extract and identify SKU level data from receipts, BlinkID, which scans solution for extracting data from ID documents, BlinkCard, which scanning solution for payment information, PhotoPay, which scans solution for invoices and BlinkInput, which is generic scanning solution for replacing manual entry.
Additionally, Microblink is famous for developing Photomath, a real-time math solver that has 90M+ downloads. The company claims it to be the first in the world to scan and solve handwritten math equations.
In August, this year, Microblink was recognised as one of the fastest-growing tech companies in Europe, Middle East & Africa (EMEA) region by the Deloitte Technology Fast 500™ EMEA.