With over 550 billion invoices and other documents like contracts or agreements being transferred between companies each year, the back office has become a field overwhelmed with tedious paperwork. As a result, companies all around the world actively seek solutions that aim at solving this problem. Gartner estimated that intelligent document processing opportunities were worth €1.1 billion in 2020.
Enter Wrocław-based startup Alphamoon. The AI-based platform for document automation has raised €2.1 million in funding to eliminate bottlenecks and save time.
The seed round was based on a combination of equity and R&D grants. The equity round was led by Sunfish Partners, with the participation of Satus Starter. The R&D grants were provided by the Lower Silesian Voivodeship and Poland’s National Centre for Research and Development.
The funding is expected to enable the company to further develop its technology and expand operations in European markets.
Adam Gonczarek, CTO and co-founder, Alphamoon said: “Paperwork has been done manually for years - a full-time nightmare for the whole team. However, documents in all their forms and shapes are just datasets. By helping companies automate the extraction of this data, we help them eliminate bottlenecks and save time. Furthermore, our tool is not limited to just text recognition and data extraction. We provide solutions that help further proceed with documents, supporting not only back-office teams, but also sales, customer service, compliance, and many others.”
Marcus Erken, founding partner, Sunfish Partners added: “Alphamoon has the potential to make document processing much more efficient. Moreover, it can make value-generating processes less of a chore. By recognising patterns in collected data samples, enterprises can develop additional products or offer better services to their end-users.”