Indico secures $22m in its Series B round as it looks to bolster its position in the market

Intelligent process automation company Indico has secured $22m in its Series B as it looks to broaden its footprint in industry.

The round was co-led by Jump Capital and Sandbox Ventures and brings the FinTech’s total equity raised to $36m. Previous Indico investors include 406 Ventures, Osage Venture Partners, Hyperplane Venture Capital, Boston Seed Capital and Nationwide.

With the close of the round, the company plans to enhance its automation technology. Capital will also be used to double its team size in 2021, with key hires in its sales, partnerships, marketing, finance and solution engineering teams.

Indico also plans to expand its channel relationships and integration partnerships to broaden its footprint.

The FinTech enables clients to automate the intake and understanding of document and image-based workflows across the insurance, financial services and healthcare industries.

Its use cases include vendor contract and invoice reconciliation, appraisal and claims analysis, and customer contract process automation.

Indico CEO Tom Wilde said, “The global pandemic has created a dramatic new set of challenges for business leaders in 2020.

“One of the most direct results has been the accelerated investment in digital transformation and automation initiatives to create more robust operating capabilities. Indico’s solution for the automation of document intensive workflows continues to drive results across our key verticals with our “business first” product strategy and our disruptive core technology advantage.”

In line with the investment, Sandbox Ventures manging director Chris Zock and Jump Capital general partner Saurabh Sharma have joined Indico’s board of directors.

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