Robotics Startup Ripcord Secures $40 Million

Ripcord announced the close of $40 million in Series B financing. Four investors contributed to the round: Icon Ventures, Kleiner Perkins Caufield & Byers, Lux Capital, and Silicon Valley Bank.

Ripcord aims to transform the $25 billion records management industry, using robots that scan, index, and categorize paper records, making them searchable on the cloud and integrated into existing enterprise systems. Ripcord delivers an end-to-end digitization solution that includes scanning, natural language search technology, records certification tools, and cloud access via “Ripcord Canop.” Once records are uploaded to Ripcord Canopy, users can share and seamlessly connect them to other enterprise applications like SAP, Oracle, and NetSuite.

“Icon Ventures is proud to support the ground-breaking technology that Ripcord is developing, and we’re confident that they’re revolutionizing the records management industry as it exists today,” said Jeb Miller, Icon Ventures general partner. “Their explosive growth and impressive pipeline makes Ripcord one of the most compelling applications of robotic technologies to disrupt and drive efficiency into this massive market.”

The company revealed that Ripcord will use the funding to bolster its production capacity by building new robots to meet increasing demand for records digitization, build out the “Ripcord Canopy” software capability for records management enterprise integration, hire more than 100 new employees in the next 12 months, and expand into new markets.