US-based process automation software provider Indico secured $22m yesterday in a series B round featuring financial services firm Nationwide’s strategic investment arm, Nationwide Ventures.
Venture capital firms Jump Capital and Sandbox Ventures co-led the round, which included 406 Ventures, Osage Venture Partners, Hyperplane Venture Capital and Boston Seed Capital.
Indico has developed intelligent process automation software that enables users to automate manual document-based tasks by allowing them to train machine learning models through a transfer learning system that needs less data that conventional methods.
The company said it has now raised $36m altogether, $4m of which came in a January 2018 round led by Osage Venture Partners and backed by 406 Ventures, Boston Seed, and Hyperplane Venture Capital.
406 Ventures had already joined Hyperplane Ventures and Boston Seed Capital to supply $1.2m for Indico in 2016, having partnered General Catalyst, Two Sigma, Boston Seed and various angel investors for a $3m round two years earlier.