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Captricity Raises $35M in Series C Funding to Provide Customer Data Access for Insurance, Government and Non-profits
White Mountains Insurance Group Leads Latest Investment to Expand Product Development and Sales Teams
OAKLAND, Calif., Jan. 19, 2016 /PRNewswire/ -- Captricity Inc., the Oakland-based startup that gives customers in regulated industries fast and easy access to customer data trapped in handwritten forms, today announced a $35 million Series C round of financing led by White Mountains Insurance Group, LTD. (NYSE: WTM). Existing investors Social Capital and Accomplice also participated in the round. The latest round of funding brings Captricity's total funds raised to $49 million. Earlier angel investors include Dave Goldberg, Reid Hoffmann and Mitch Kapor and the Knight Foundation. Teresa Chia, Senior Vice President at White Mountains Capital, Inc., will join Captricity's board of directors.  Captricity's cloud-native Data-as-a-Service platform is fast, scalable and highly accurate — far exceeding the gold standard of conventional data entry processes. The results are unprecedented: 99.9%+ accurate, up to 50 times faster turnaround, 100% HIPAA compliant and government-trusted — all at a fraction of the cost of legacy solutions. Captricity's proprietary technology combines deep learning and human intelligence to convert complex handwritten forms into actionable data, providing customers seamless access to customer information without risky business process transformation requirements. "We believe Captricity is uniquely positioned to disrupt the insurance, healthcare and government sectors with its Data-as-a-Service solution designed to eliminate inefficient manual data entry processes," said Teresa Chia, Senior Vice President at White Mountains Capital, Inc. "Captricity's technology delivers unprecedented accuracy - even on complex handwritten forms - that allow Captricity customers to deliver a game-changing, best-in-class experience for customers and constituents alike." Captricity was founded by Kuang Chen, whose PhD research in Tanzania and Uganda revealed the need to transform paper-based documents into digital data to improve organizations' efficiency and service to those they serve. Since commercializing its proprietary solution in 2011, Captricity has modernized paper processes for leading organizations such as New York Life, AXA, the Food & Drug Administration (FDA), Federal Election Commission (FEC), inVentiv Health, Xerox Healthcare, Innovations in Poverty Action, and others. "Captricity transforms hard-to-change paper workflows into digital data streams that create operational efficiencies and enable advanced analytics aimed at improving overall customer engagement," said Kuang Chen, CEO and Founder of Captricity. "This funding is a vote of confidence towards our mission to democratize customer data access for organizations that serve everyone. We are excited to further enable our highly regulated customers, both commercial and non-profit, to better engage with their customers." For more information please visit www.captricity.com and www.captricity.org. About Captricity About White Mountains Insurance Group, Ltd. Contact Details: Tim DaRosa Abby Topolsky Logo - http://photos.prnewswire.com/prnh/20160118/323169LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/captricity-raises-35m-in-series-c-funding-to-provide-customer-data-access-for-insurance-government-and-non-profits-300205908.html SOURCE Captricity Inc.  |
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