Ralph Gammon, Senior Analyst at Infosource
May 2024
Ripcord first came onto our radar in 2017, most notably for innovative high-volume scanners, but it also had some early artificial intelligence (AI) powered technology for providing cloud-based Capture, Intelligent Document Processing (IDP) and Content Services to its outsourcing customers.
To complement these services, Ripcord late last year announced the beta release of a new software platform, Docufai, a Generative AI-powered, cloud service for document extraction and summarization. The beta version of Docufai is available for free and I encourage anyone to check it out at https://www.docufai.com.
Users can upload their documents and organize them in workspaces. Docufai will extract value pairs, as well as offer summarization and the ability to interrogate the documents with natural language questions. It works with scanned or electronically generated documents.
According to the Ricpord announcement: “By enhancing the capabilities of a large language model with integrated knowledge bases, logical rules and structured inputs, Docufai can logically reason, infer, and deduce information from a user’s own documents.”
Ripcord plans to introduce a paid tier of Docufai at some point this year. The company is targeting an enterprise version of Docfai at legal, insurance, financial services, auditing and merger and acquisition type applications.
Ripcord seeking additional funding
Ripcord has been growing rapidly in recent years. According to a presentation for potential investors, Ripcord was on target for $22.5 million in annual revenue in 2023, almost double what it did in 2022. Ripcord’s projected financials have it doubling revenue annually from 2022 through 2024.
Marquee names among Ripcord’s outsourcing customers include Coca-Cola (shipping and receiving), Allianz, (insurance claims and policies), Daiwa Living (property leasing), and MUFG (customer records). Ripcord also reportedly has a $4 million-plus deal with the IRS for processing tax documents.16
Ripcord has two scanning sites, one in the Bay Area where it is based, and another in Japan, where Japan-based financial services market leader MUFG is a partner. Since its founding, Ripcord has received $150 million in funding and was reportedly recently seeking another $35 million round, $20 million of which was already closed as of last October.
