After a research & development period of around two years, Parashift completed a growth financing (Series A) with renowned entrepreneur investors from northwestern Switzerland .
Baumann & Cie, Banquiers, Jaquet Partners with Marc and Olivier Jaquet and the Fiba Group with Kurt Strecker participate in the financing round.
Parashift has received considerable attention in the last 12 months. The portal Fintechnews named Parashift as one of the 10 most important start-ups in the field of artificial intelligence. Forbes also recently mentioned Parashift as one of the 30 promising Fintech start-ups in Europe. The first well-known customers were acquired in Q1/2019.
With its first product “Document Center”, Parashift offers a machine learning based cloud solution for the data extraction of invoices and other accounting documents. This solution is particularly suitable for software vendors and business process outsourcers who want to integrate data extraction into their products. In addition, Parashift also offers post-validated extraction results via an API at low cost and completely DSGVO-compliant. A second product, “doXeo”, is a document management system in the cloud and offers a whole range of new, innovative functions and benefits that greatly simplify daily life in small and medium-sized companies. “doXeo” will be launched in the next few days.
“With “doXeo”, medium-sized companies will finally benefit to the same extent from the advantages of digitization in the document sector as large companies. “doXeo” is simply the easiest, fastest and cheapest way for these companies to digitize their document flow, document filing, invoice processing and invoice approval. This enables them to increase their efficiency, reduce their operational costs and at the same time massively improve the quick retrieval of their documents,” says Alain Veuve, CEO and founder of Parashift.
The fresh capital will accelerate the marketing of the two products in Switzerland and Europe. The capital increase will also restructure the Board of Directors. Kurt Strecker, Olivier Jaquet and Daniel Burkhardt are new members of the board. Founder and CEO Alain Veuve remains Chairman of the Board.
Olivier Jaquet of Jaquet Partners: “We are convinced that in many companies the complete automation of previously manual data entry and accounting tasks will generate a strong demand and therefore believe in the great growth potential of Parashift”.
Read the press release here.