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About Ocrolus
Industries
Fintech
AI & Machine Learning
Company Size
501-1,000
Company Stage
Late Stage VC
Total Funding
$135.5M
Headquarters
New York City, New York
Founded
2014
Overview
Ocrolus transforms documents into actionable data with high accuracy by combining artificial intelligence and human expertise. This process automates back-office tasks, reducing the need for manual data entry. The company serves clients in the financial services sector, including lenders and mortgage providers, by streamlining tasks such as loan underwriting, invoice processing, and compliance checks. Ocrolus's platform can analyze various documents like bank statements and tax forms, achieving a 99% accuracy rate. Unlike competitors, Ocrolus offers end-to-end automation solutions through a subscription-based model, allowing clients to efficiently scale their operations. The goal is to enhance efficiency, improve fraud detection, and ensure compliance in document-driven workflows.
Simplify's Take
What believers are saying
- Ocrolus's partnership with Lender Toolkit enhances mortgage underwriting efficiency and accuracy.
- The launch of 'Instant' offers faster, machine-only document processing, appealing to efficiency-seekers.
- Ocrolus's enhanced mortgage dashboard addresses key pain points, boosting market share potential.
What critics are saying
- Increased competition from AI solutions could erode Ocrolus's market share.
- Reliance on human-in-the-loop processes may become a bottleneck against fully automated competitors.
- Rapid customer onboarding could strain Ocrolus's infrastructure, risking service disruptions.
What makes Ocrolus unique
- Ocrolus combines AI with human expertise for high accuracy in document processing.
- The platform supports over 1,150 document types, ensuring broad applicability across industries.
- Ocrolus offers a unique 'human in the loop' approach, enhancing AI accuracy and reliability.
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Funding
Total Funding
$135.5M
Above
Industry Average
Funded Over
6 Rounds
Benefits
Taking care of you - We offer a comprehensive health package, including dental and vision, to support your physical and mental wellbeing.
Ocrolus Appreciation Days - Enjoy Ocrolus Appreciation Days, our company holiday on the last Friday of every month. That’s 12 extra days of PTO per year!
Save for retirement - All employees benefit from a 401(k) plan, offered through Betterment, the investment and savings app.
Unlimited time off - Vacations at Ocrolus are on your terms. There’s no cap on PTO, alongside a flexible schedule and time off on summer Fridays.
Paid parental leave - It’s the big moments in life that matter. Our employees take up to three months of paid maternity or paternity leave.
Meals on us - Get catered lunch in the office all week long. We also provide dinner on most nights of the week.
Develop at work - Be empowered to grow personally and professionally with our annual learning and development stipend.
Take ownership - It’s important that Ocrolus employees feel invested in the company. Equity packages are available to most staff.
Ride to work - Commuting doesn’t have to be a drag. With CitiBike membership, you can make getting to work fun and healthy.
Growth & Insights and Company News
6 month growth
↓ -1%1 year growth
↓ -2%2 year growth
↓ -1%SALT LAKE CITY, Feb. 4, 2025 /PRNewswire/ -- In today's competitive mortgage industry, lenders constantly seek innovative tools to streamline operations and deliver superior borrower experiences. Lender Toolkit continues to lead the charge with its solutions that redefine how lenders process and underwrite mortgage applications. Combining speed, accuracy, scalability, and cost-savings, Lender Toolkit's products ensure consistency in decision-making while enhancing the overall borrower journey.Today, Lender Toolkit is thrilled to announce an exciting partnership with Ocrolus and the integration of Ocrolus' advanced document analysis technology into its product line. This powerful enhancement addresses a critical need in the mortgage underwriting process—the ability to efficiently handle unstructured data from electronic, scanned or physical documents.Lender Toolkit leads the charge with solutions that redefine how lenders process and underwrite mortgage applications. Post thisTraditionally, Lender Toolkit's products have relied on structured digital data from integrations with Encompass® by ICE Mortgage Technology® and other automated verification services
Ocrolus, an AI leader in document automation, has partnered with LendSaaS to enhance Merchant Cash Advance origination processes.
Document automation platform Ocrolus announced it has teamed up with financial data aggregation and account verification expert Envestnet | Yodlee this week.
Cloud Maven Inc., a trailblazing provider of Salesforce software solutions, is thrilled to announce a groundbreaking partnership with Ocrolus, a leader in AI-driven financial document automation.
The company onboarded over 100 new customers this year, exceeded 300 million pages analyzed and now supports more than 1,150 document typesNEW YORK, Dec. 19, 2023 /PRNewswire/ -- Ocrolus , a leader in AI-driven document automation for faster, more accurate financial decisions, is slated to finish 2023 strong following a year-long expansion of its customer base, industry-leading data set and platform offerings that support efficiency, flexibility and sustainable growth for customers.Throughout the year, Ocrolus added over 100 new customers including small business, mortgage, consumer and auto lenders, as well as technology partners in prop-tech and income verification. New customers include companies such as Best Egg, EasyKnock, HomeTrust Bank, Wex, SellersFi and Cornerstone Capital Bank. In total, more than 450 customers now use the company's document automation technology for more confident and efficient financial decision-making.The company's growth has continued as lenders faced several challenges and uncertainties in 2023, including higher cost of capital, increased delinquency and fluctuating demand. Amid these challenges, financial services organizations have integrated Ocrolus technologies, such as document automation and cash flow analytics, to improve operational efficiency and prepare for long-term scalability."Throughout 2023, financial services companies were focused on reducing fixed costs and increasing flexibility," said Sam Bobley, co-founder and CEO of Ocrolus. "We were able to onboard a record-breaking number of new customers in a difficult environment, thanks to the unique value of our on-demand, back-office infrastructure solution."Ocrolus also continued to build its substantial library of AI training data in 2023, reaching more than 300 million pages of documents processed
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About Ocrolus
Industries
Fintech
AI & Machine Learning
Company Size
501-1,000
Company Stage
Late Stage VC
Total Funding
$135.5M
Headquarters
New York City, New York
Founded
2014
Ocrolus is Hiring for 0 Jobs on Simplify!
Find jobs on Simplify and start your career today