Ripcord, a robotic digitization company dedicated to creating a truly paperless workplace, announced an additional $25M in equity funding led by GV (formerly Google Ventures), with participation from new investor Telstra Ventures and previous investors Icon Ventures, Kleiner Perkins, Lux Capital, and Silicon Valley Bank. This increases the total Series B funding round to $65M. Ripcord is also announcing new capabilities on its records management platform, Ripcord Canopy. Canopy 2.0 introduces new functionality including RipcordSync, a batch migration tool, RecordChain, an immutable chain of custody ledger, and a new dashboard that helps users easily manage their record retention policies.
Ripcord delivers an end-to-end digitization solution that uses robots to scan records and make them accessible on Ripcord's cloud platform, Canopy. Once records are uploaded to Canopy, users can search, share, and seamlessly connect records to other enterprise applications like SAP, Oracle, and NetSuite. Co-founded by former Apple and NASA employees, Ripcord provides an alternative to outdated records management systems that are overly complex, require expensive customization, and take years to effectively implement. Ripcord's new technology reduces digitization costs to a fraction of the marketplace's legacy options by achieving better results at 10x the speed. Notable customers include Bechtel, UCLA, Wilson Sonsini, as well as a number of Fortune 100 companies.
"Many companies, especially those that operate in regulated industries, still generate enormous volumes of paper, which is costly to store and cumbersome to manage," said GV General Partner Andy Wheeler. "When Ripcord analyzed why more paper isn't digitized, they found that the culprit is the high cost of scanning. The company set out to solve this problem by developing a highly automated way to scan large amounts of documents, and creating a modern, easy-to-use enterprise cloud management application."
Combined with the increased funding, the company is launching Ripcord Canopy 2.0, which provides a new way to centralize digital records with previously-analog records, greater security with end-to-end chain of custody, and new user interfaces for disposition and retention policy management.
Ripcord built Canopy to make paper files accessible once scanned by Ripcord's robots. Ripcord customers also wanted to simplify how they manage all their records. Most of Ripcord's customers have files scattered across physical and digital storage locations and needed to centralize all their records — both physical and digital — into one single platform. Ripcord is introducing RipcordSync with Canopy 2.0. RipcordSync is simple and enables customers to sync external directories, bulk migrate digital files, and centralize all records within Canopy.
In addition, Canopy 2.0 now has RecordChain, an end-to-end chain of custody feature. From the moment a record enters the Ripcord facility, its movements through preparation, scanning, and digitization are meticulously tracked and logged. Once in Canopy, all subsequent changes and activity related to a record are logged and visualized on a timeline and given an indelible crypto-signature. This creates an authenticated Chain of Custody in Canopy and gives customers the peace of mind that all interactions with their records are being rigorously monitored.
Managing retention and disposition policies is a key element of any records management program. Records management has often been described as, "the art of throwing things away," and so Ripcord Canopy's new dashboard empowers customers to easily identify records ready for disposition. Furthermore, a new responsive mobile design will enable customers to retrieve and share records on the go.
"We've seen an explosion in demand for a solution that drags society from the paper era into a truly digital one," said Ripcord CEO Alex Fielding. "Customers want both digitization and an easy-to-use platform that helps them manage their entire records repository, whether it is comprised of paper files or digital ones. However, building a simple platform is actually quite complex. By partnering with Google Ventures we can take advantage of their expertise in artificial intelligence and machine learning. We know their resources will be invaluable."
Source and top image: Ripcord
Learn more at the next leading event on the topic: Sensors USA 2018 on 14 - 15 Nov 2018 at Santa Clara Convention Center, CA, USA hosted by IDTechEx.