Ripcord Expands Series B Round With Additional $25M Led by GV

Total Series B funding of $65M will be used to increase digitization
capacity, develop seamless enterprise migration tools, and support new
features like RipcordSync and RecordChain

HAYWARD, Calif.–(BUSINESS WIRE)–Ripcord, the world’s first robotic digitization company dedicated to
creating a truly paperless workplace, today announced an additional $25M
in equity funding led by GV (formerly Google Ventures), with
participation from new investor Telstra Ventures and previous investors
Icon Ventures, Kleiner Perkins, Lux Capital, and Silicon Valley Bank.
This increases the total Series B funding round to $65M. Ripcord is also
announcing new capabilities on its records management platform, Ripcord
Canopy. Canopy 2.0 introduces new functionality including RipcordSync, a
batch migration tool, RecordChain, an immutable chain of custody ledger,
and a new dashboard that helps users easily manage their record
retention policies.

Ripcord delivers an end-to-end digitization solution that uses robots to
scan records and make them accessible on Ripcord’s cloud platform,
Canopy. Once records are uploaded to Canopy, users can search, share,
and seamlessly connect records to other enterprise applications like
SAP, Oracle, and NetSuite. Co-founded by former Apple and NASA
employees, Ripcord provides an alternative to outdated records
management systems that are overly complex, require expensive
customization, and take years to effectively implement. Ripcord’s new
technology reduces digitization costs to a fraction of the marketplace’s
legacy options by achieving better results at 10x the speed. Notable
customers include Bechtel, UCLA, Wilson Sonsini, as well as a number of
Fortune 100 companies.

“Many companies, especially those that operate in regulated industries,
still generate enormous volumes of paper, which is costly to store and
cumbersome to manage,” said GV General Partner Andy Wheeler. “When
Ripcord analyzed why more paper isn’t digitized, they found that the
culprit is the high cost of scanning. The company set out to solve this
problem by developing a highly automated way to scan large amounts of
documents, and creating a modern, easy-to-use enterprise cloud
management application.”

Combined with the increased funding, the company is launching Ripcord
Canopy 2.0, which provides a new way to centralize digital records with
previously-analog records, greater security with end-to-end chain of
custody, and new user interfaces for disposition and retention policy
management.

Ripcord built Canopy to make paper files accessible once scanned by
Ripcord’s robots. Ripcord customers also wanted to simplify how they
manage all their records. Most of Ripcord’s customers have files
scattered across physical and digital storage locations and needed to
centralize all their records — both physical and digital — into one
single platform. Ripcord is introducing RipcordSync with Canopy 2.0.
RipcordSync is simple and enables customers to sync external
directories, bulk migrate digital files, and centralize all records
within Canopy.

In addition, Canopy 2.0 now has RecordChain, an end-to-end chain of
custody feature. From the moment a record enters the Ripcord facility,
its movements through preparation, scanning, and digitization are
meticulously tracked and logged. Once in Canopy, all subsequent changes
and activity related to a record are logged and visualized on a timeline
and given an indelible crypto-signature. This creates an authenticated
Chain of Custody in Canopy and gives customers the peace of mind that
all interactions with their records are being rigorously monitored.

Managing retention and disposition policies is a key element of any
records management program. Records management has often been described
as, “the art of throwing things away,” and so Ripcord Canopy’s new
dashboard empowers customers to easily identify records ready for
disposition. Furthermore, a new responsive mobile design will enable
customers to retrieve and share records on the go.

“We’ve seen an explosion in demand for a solution that drags society
from the paper era into a truly digital one,” said Ripcord CEO Alex
Fielding. “Customers want both digitization and an easy-to-use platform
that helps them manage their entire records repository, whether it is
comprised of paper files or digital ones. However, building a simple
platform is actually quite complex. By partnering with Google Ventures
we can take advantage of their expertise in artificial intelligence and
machine learning. We know their resources will be invaluable.”

About Telstra

Telstra is a leading telecommunications and technology company. We offer
a full range of services and compete in all telecommunications markets
in Australia, operating the largest mobile and Wi-Fi networks. Globally,
we provide end-to-end solutions including managed
network services
, global
connectivity
, cloud,
voice,
colocation,
conferencing
and satellite
solutions
. We have licenses in Asia, Europe and the United States
and offer access to more than 2,000 points of presence across the globe.
For more information visit www.telstra.com.

About Icon Ventures

Based in Palo Alto, California, Icon Ventures is a technology venture
capital firm specializing in mid-stage investing in companies with great
entrepreneurs, compelling business models and strong momentum in their
respective markets. Icon Ventures has had the privilege to invest in
market-leading companies such as Aster Data, ClairMail, FireEye, 41st
Parameter, Infinera, MoPub, Palo Alto Networks, Proofpoint, and Teladoc.
For more information about Icon Ventures visit http://www.iconventures.com/
and follow @iconventures

About Kleiner Perkins

Kleiner Perkins partners with the brightest entrepreneurs to turn
disruptive ideas into world-changing businesses. With $10 billion raised
through 20 venture funds and four growth funds, the firm has invested in
over 850 companies including pioneers such as Google, App Dynamics,
Amazon, Flexus Biosciences, Nest, Waze, Twitter, JD.com and Square.
Kleiner Perkins offers entrepreneurs years of operating experience, puts
them at the center of an influential network, and accelerates their
companies from success to significance. For more information, visit http://www.kpcb.com
and follow us @kpcb

About Lux Capital

Lux Capital is a venture firm based in New York City and Silicon Valley
investing in counter-conventional, seed and early stage science and
technology ventures. Lux manages $1.4 billion in assets across multiple
funds. For more information please visit http://www.luxcapital.com/
and follow @Lux_Capital

About Silicon Valley Bank

For more than 30 years, Silicon Valley Bank (SVB) has helped innovative
companies and their investors move bold ideas forward, fast. SVB
provides targeted financial services and expertise through its offices
in innovation centers around the world. With commercial, international
and private banking services, SVB helps address the unique needs of
innovators. Learn more at svb.com

About Ripcord

Ripcord is transforming the $25B records management industry through
robots that scan, index and categorize paper records, making them
searchable on the cloud and integrated into existing enterprise systems.
Ripcord is based in Hayward, California and has raised nearly $75
million from leading investors including GV, Icon Ventures, Kleiner
Perkins, Legend Star, Lux Capital, Silicon Valley Bank, Telstra, and
Apple Co-Founder Steve Wozniak. To learn more about Ripcord: www.ripcord.com
and follow us @getripcord

Contacts

for Ripcord
Gregg Delman, 415-935-1804
gregg@gthreemedia.com