View this article online: https://www.insurancejournal.com/news/national/2016/02/03/397366.htm
Captricity Inc., an Oakland, Calif.-based startup that gives businesses in regulated industries easy access to customer data trapped in handwritten forms, has raised $35 million in a Series C round of financing led by White Mountains Insurance Group.
The latest round of funding brings Captricity’s total funds raised to $49 million. Existing investors Social Capital and Accomplice also participated in the most recent round. Earlier angel investors include Dave Goldberg, Reid Hoffmann and Mitch Kapor and the Knight Foundation. Teresa Chia, senior vice president at White Mountains Capital Inc., will join Captricity’s board of directors.
Captricity says its cloud platform is “fast, scalable and highly accurate.” It claims its program that converts information on handwritten forms into accessible digital data is less costly and far faster than legacy systems, 99.9 percent accurate and 100 percent compliant with Health Insurance Portability and Accountability Act (HIPAA) privacy rules.
Captricity says its system can extract data from paper documents, scans, faxes, emails, call centers and web forms and connect automatically to backend systems, eliminating the need for manual data entry.
“We believe Captricity is uniquely positioned to disrupt the insurance, healthcare and government sectors with its Data-as-a-Service solution designed to eliminate inefficient manual data entry processes,” said Teresa Chia, senior vice president at the Bermuda-based White Mountains Capital Inc. “Captricity’s technology delivers unprecedented accuracy – even on complex handwritten forms – that allow Captricity customers to deliver a game-changing, best-in-class experience for customers and constituents alike.“
Captricity was founded by Kuang Chen, whose PhD research in Tanzania and Uganda was on transforming paper-based documents into digital data to improve organizations’ efficiency and service to those they serve. Since commercializing its proprietary solution in 2011, Captricity said it has done work for New York Life, AXA, the Food & Drug Administration (FDA), Federal Election Commission (FEC), inVentiv Health, Xerox Healthcare, Innovations in Poverty Action and others.
Source: Captricity