Nationwide-backed Indico raises $22 million

Boston-based machine learning startup Indico announced a $22 million Series B financing round co-led by Jump Capital and Sandbox Ventures; bringing its total capital raised to $36 million. Additional investors include 406 Ventures, Osage Venture Partners, Hyperplane Venture Capital, Boston Seed Capital, and Nationwide Ventures.

Founded in 2013 and a team of ~43, Indico automates document-based workflows for unstructured content. When it comes to insurance, the company can help with contract analysis (“Indico processed thousands of contracts and was able to accurately and comprehensively classify them to determine a qualified customer list for marketing a new product“) and can process automation for claims analysis and comparison to existing customer policies.

“The global pandemic has created a dramatic new set of challenges for business leaders in 2020. One of the most direct results has been the accelerated investment in digital transformation and automation initiatives to create more robust operating capabilities. Indico’s solution for the automation of document intensive workflows continues to drive results across our key verticals with our “business first” product strategy and our disruptive core technology advantage.” – Tom Wilde, CEO Indico.

“Automation has been among the fastest-growing segments of the enterprise market over the past five years, and the pandemic has sown the seeds for accelerated adoption, as companies seek to pursue aggressive transformation efforts. While RPA has become near-ubiquitous, enterprises continue to push the boundaries of automation potential by using it along with process mining, Intelligent Document Processing (IDP) and other intelligent automation technologies. Document-centric technologies such as IDP, in particular, are set to see explosive growth given the rising maturity of the technology, the sheer volumes of enterprise documents being processed manually, and the clear path to ROI.” – Anil Vijayan, Vice President, Everest Group.

As part of its continued investments in the Indico product and technology, the company plans to double headcount in 2021, including new leadership hires in sales, partnerships, marketing, finance and solution engineering. The company also plans aggressive expansion of its channel relationships and integration partnerships to further broaden Indico’s industry footprint.

With the Series B financing, Indico added two new board members, Chris Zock from Sandbox Ventures and Saurabh Sharma from Jump Capital to provide industry knowledge and guidance.

“We are just at the beginnings of the intelligent automation movement. The market opportunity for Indico is huge as they enable enterprises unlock significant value. I am very excited to work with Tom, Slater and their brilliant team to help build an industry leading company in the automation space.” – Saurabh Sharma, General Partner at Jump capital who will be joining the company’s board.