Start of business process automation anvil announced today that it raised $ 5 million. The company, which provides a paperwork processing platform that companies can use to gain online experience, intends to use the funds to accelerate product development and market launch efforts.
Companies share millions of paper forms every day. According to Adobe, only 18% of companies consider themselves paperless surveyand the one in the United States waste Managing $ 8 billion in paperwork annually. Anvil addresses these vulnerabilities with APIs and AI tools that customers can use to automatically fill out paper and PDF forms, saving days to weeks less than manual processes.
With Anvil's online platform, companies can guide customers through relevant questions and store answers to the questions in a secure database. It automatically sends data to where it is needed or simply outputs the information in the appropriate fields on a form. It was developed to do this in compliance with rules that automate business and approval processes (e.g. by triggering new flows and collecting missing information) or to reduce errors. With the AnvilFlow builder, companies can use Anvil to customize web forms and add integrations, including those that support electronic signature capture.
The Anvil tool consists of three parts: a PDF converter, a web interface creator and an integration management interface. The PDF converter comments on existing PDF documents and taps algorithms that generate web forms by specifying the location and type of fields that need to be filled in. With the interface creator, users can rearrange fields, combine duplicate fields, add help text, and add logic to conditionally hide or show certain fields. The integration management interface connects software that can be used with Anvil, such as: B. Customer relationship management systems.
Anvil, which said hundreds of customers include financial services, human resources, technology, and healthcare companies, recently helped Sunrise Minneapolis banks to deploy their digital app process for the US Small Business Administration (SBA) Paycheck Protection Program. More than 1,600 small businesses used the bank's form to apply for $ 127 million in loans within five days.
“We have seen incredible advances in automation technology that companies simply cannot use without tearing and replacing existing, battle-proven processes. Anvil is making this painful transition from analog to digital to online easier with software that can take over and improve existing processes while using automation to eliminate inefficiencies, ”CEO and founder Mang-Git Ng told VentureBeat via email.
Gradient Ventures, Google's AI-focused mutual fund, led this latest Series A investment in Anvil, San Francisco, in which Citi Ventures, Menlo Ventures, Financial Venture Studio and 122 West participated. The company has raised a total of $ 7 million and is following the fundraiser from competitor Rossum, which uses AI to extract data from virtually every document, and Ripcord, which uses robotics and AI to digitize paper records. The startup flat file for the processing of AI documents also grabbed capital this week.