Staple, a leading innovator in AI-driven document processing solutions headquartered in Singapore, today announced the successful closure of a US$4 million pre-series A funding round led by Wavemaker Partners. This investment marks a significant milestone for Staple, underscoring its commitment to transforming the landscape of document processing through advanced artificial intelligence (AI).
The infusion of seed funding will enable Staple to expedite its global market expansion efforts, further refine its cutting-edge AI technology, and extend its suite of document processing solutions. In alignment with its expansion plans, Staple is poised to dive deeper into strategic markets, enhancing its capabilities to meet the diverse needs of businesses grappling with the challenges of document management.
Ben Stein, CEO and Co-founder of Staple, said, “This funding is not just a financial boost but a vote of confidence in our vision to revolutionise document processing across the globe. Our aim is to not only expand our market presence but also to continue innovating, making our solutions even more accessible and efficient for businesses worldwide. We are focused on breaking down language barriers and simplifying complex document processing tasks. With this funding, we're setting our sights on broadening our impact, particularly in regions rich in linguistic diversity and complexity such as Southeast Asia.”
Paul Santos, Managing Partner at Wavemaker Partners, said, “Companies manually process 1,000 to 100,000 documents in varied formats monthly. Manual processing is needed because most of the data is unstructured. Unfortunately, manual processing is prone to errors and on average, it costs about US$50 to correct each error, potentially translating to millions in unnecessary expenses each year.”
“Staple makes it so much easier for companies to manage their data. Their unified approach enables them to extract, interpret, and reconcile data from structured, semi-structured, and unstructured sources. Their intelligent document processing solutioncan handle different formats, languages, and layouts, eliminating multi-vendor complexities and ensuring consistent results. Today, Staple is used by customers across more than 56 countries handling over 200 languages. They're poised for growth, and we're truly excited to join their journey.”
Founded in 2018 in Singapore, Staple offers a comprehensive platform that leverages AI to bridge the gap between physical documents and digital workflows, facilitating seamless data management across a plethora of industries. The company's proprietary technology excels in processing any document type, including structured, semi-structured, and unstructured formats, while managing data in over 200 languages. This breakthrough solution has positioned Staple at the forefront of Intelligent Document Adaptation and Mastery (IDAM), setting a new standard in efficiency, accuracy, scalability, and transparency in the global document processing space.
