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Ocrolus raises $24 million in Series B funds to expand automation platform

Ocrolus, a New York-based automation platform that helps lenders analyze financial documents, said it raised $24 million in Series B funding led by Oak HC/FT. 

The round was also backed by venture capital firm FinTech Collective and existing investors, including Bullpen Capital and QED Investors. 

Ocrolus officials said the platform uses a mix of artificial intelligence and crowdsourced quality control, which helps companies automate the analysis of critical documents during the underwriting process. The company said the funding will be used to help automate workflows for banks and other lenders, and expand into new business verticals. 

"It's difficult for machines to read semi-structured documents like bank statements and pay stubs, as well as lower quality images like cell phone pictures," Sam Bobley, CEO of Ocrulus told Mobile Payments Today via email. "Ocrolus eliminates the need for lenders to spend time on data entry and cleansing by analyzing every document - regardless of format or quality - with over 99% accuracy."

The company has been focused on working in small business lending, however, it is expanding into consumer, auto and mortgage lending.