AI software startup Staple raises US$4 million in pre-Series A round

SINGAPORE headquartered software startup Staple has bagged US$4 million in its pre-Series A funding round led by venture capital firm Wavemaker Partners. 

The document processing solutions provider uses artificial intelligence (AI) to bridge the gap between physical documents and digital workflows; and address document management challenges faced by businesses. 

The company said its technology is currently used by customers across more than 56 countries and it intends to use its fresh funding to enter new markets. The startup also plans to spend on improving its AI technology, and expanding its suite of document processing solutions. 

Chief executive and co-founder Ben Stein said that Staple is eyeing market expansion particularly into regions with linguistic diversity and complexity such as South-east Asia. 

“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,” said Stein. 

Founded in 2018, the startup’s proprietary technology can handle data in over 200 languages and is able to process a variety of document types, including structured, semi-structured, and unstructured formats. 

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Managing partner at Wavemaker Partners Paul Santos said that companies manually process 1,000 to 100,000 documents in varied formats monthly.

Santos added: “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.”