Growth equity firm Silversmith Capital Partners led the round. Microblink plans to use the capital to accelerate product development, boost its go-to-market strategy, and expand its team.
“As enterprises increasingly move towards automation, we are excited to reinvest in our existing business and explore new ways our computer vision platform can solve pain points for companies across a variety of industries,” said Microblink CEO and Cofounder Darren Bassman. “We believe Silversmith is the perfect partner for us on the next leg of our journey.”
Microblink’s computer vision products help businesses and organizations across multiple sectors digitize documents, automate processes, and eliminate manual data entry. The company’s “hundreds of millions” of end customers use its technology to scan billions of documents each year to prove their digital identity by scanning their ID, make a payment online by scanning their credit card, and collect data about their purchases by scanning their receipts.
“Microblink’s world-class product and technology teams have unlocked real-world applications for artificial intelligence and machine learning,” said Silversmith General Partner, Sri Rao. “Customers leverage the platform to power experiences for millions of end users that require the ability to verify an ID, scan a receipt, or automate the capture of payment data from their device of choice. Microblink’s customer centricity and product leadership serve as a strong foundation from which to scale rapidly, and we are thrilled to support the company in this next phase of growth.”
As part of today’s deal, Rao will join Microblink’s board of directors, serving alongside Bassman and Microblink Cofounder Damir Sabol.