AI document processing startup Affinda secures $10m raise
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The news: Intelligent document processing startup Affinda is closing a $10 million funding round, valuing the Melbourne-based startup at $120 million.
The numbers: Affinda said the new funding, led by its existing shareholders, will bring the total amount raised in the last 18 months to $22.9 million.
The company said the $10 million would be used to accelerate investment in Affinda's global team, with plans to increase headcount from 65 to 100.
Founded by Melbourne-born brothers Tim Toner and Ben Toner, Affinda currently operates across Asia Pacific, North America and Europe, with over 1,500 customers across 75 countries.
The context: Affinda is backed by a group of family offices and high net worth investors, including former Toll Holdings managing director Paul Little, former Ellerston Capital chair Ashok Jacob, former MYOB and REA Group CEO Greg Ellis, Forza Capital chair Craig Bingham, Allan Gray managing director Simon Mawhinney, and Armitage Associates co-founder and managing director Mark De Ambrosis.
The company's AI technology is designed to improve productivity and efficiency by transforming document intensive workflows into streamlined digital processes.
What they said: Ben Toner, Affinda founder and chief scientist, said: "Affinda's technology strikes a crucial balance, automating repetitive tasks while preserving human judgment where it matters most".
"By continuously integrating cutting-edge AI advancements, we enable our customers to confidently leverage the latest capabilities in document processing, keeping them at the forefront of efficiency and innovation," he said.
The source: Affinda media release
