Wavemaker leads $4m round of AI document processing firm

Staple co-founders Ben Stein (left) and Joshua Kettlewell / Photo credit: Staple

Companies handle anywhere from 1,000 to 100,000 documents in various formats on a monthly basis, and they usually rely on manual processes due to the unstructured nature of the data, says Paul Santos, managing partner at Wavemaker Partners.

To speed this up, Wavemaker Partners has invested in Staple, a Singapore-based startup that applies AI to provide document processing solutions.

The VC firm has led a US$4 million pre-series A funding round in the startup, which can process various document types across over 200 languages.

Staple has been helping solve documentation issues since 2018, and for good reason. The procedure is prone to error, and each mistake could cost firms US$50 to rectify, which could result in millions of dollars in unnecessary expenses annually, Santos added.

With Staple, companies can automate data extraction and financial workflows. Some of the solution’s use cases include scanning invoice data, analyzing bank statements, and examining forms at scale.

The funding will help refine the firm’s AI-powered tech and adapt its services for diverse business needs. The company, which already has a presence in over 56 countries, will also use the capital for global expansion.

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