Accelerates Rapid Expansion of Machine Learning Business with Investment
Ephesoft Inc. today announced that it has completed a $15 million Series A financing round. Mercato Partners, a growth capital partner, is the exclusive investor in this round. The investment will be used to accelerate Ephesoft’s product development while expanding operations, market presence and sales channels. Joe Kaiser of Mercato Partners will join the Ephesoft Board of Directors as part of the investment.
Founded in 2010, Ephesoft has developed advanced machine learning solutions that capture, extract and analyze unstructured content. The company has over 500 customers globally ranging from financial services, Federal government, insurance, mortgage and healthcare sectors. Over the past 18 months, Ephesoft was named to the Inc. 500 Fastest growing privately held companies in America, received a patent for its machine learning technology applied to unstructured content, was selected for multiple document analytics projects by Federal Intelligence agencies and secured several new seven-figure engagements with leading financial services companies.
“Organizations are struggling with the enormous volume of unstructured content, which represents upwards of 80% of all available content, and is growing at a rate of 43% per year. To provide tangible value, that information needs to be processed and analyzed. Ephesoft’s solutions are disrupting the advanced capture market with a definitive value proposition: apply machine learning to convert these unstructured information streams and repositories into actionable data,” said Kaiser. “We are excited to help advance Ephesoft’s cloud-based approach to content capture and analytics to the public and private sector, especially with the continuing strong innovation in big data, vertical solutions and ease of use in the product portfolio.”
Ephesoft’s Transact and Insight platforms are leveraged by leading financial institutions to fast track mortgage processing and approvals, by government agencies to identify anomalies in over two million background investigations, and by companies across all markets to accelerate invoice approvals, automate patient records, and improve document-driven business processes.
“Mercato’s investment will help Ephesoft realize its vision of liberating meaning through machine learning technology,” said Ike Kavas, Ephesoft’s founder. “We view Mercato as a long-term strategic partner, and we appreciate their experience in helping visionary technology companies accelerate and manage growth. This funding will enable Ephesoft to help organizations improve business outcomes by identifying and rationalizing dark data, then understanding how it impacts their business.”