Israeli startup EasySend, a developer of a no-code platform that digitizes paperwork for the insurance and finance markets, announced an $11 million Series A funding round. The investment was led by Hanaco, with Intel’s investment fund, Intel Capital, also getting in on the action. Including this recent round brings the company's total raised capital to $16 million to-date.
No more paperwork!
It may surprise you but many financial and insurance services still in 2020, heavily rely on manual paperwork. It could be anything from claim forms, new policies, new memberships, and many other examples of paper-based interaction with the customer.
EasySend developed a no-code platform that utilizes a ‘drag and drop’ application to easily digitize paperwork into PDF files that save from the tedious tasks of printing, scanning, or god-forbid needing to fax something by offering digital contract signature features.
EasySend’s platform provides various organizations the ability to create forms from scratch and upload them directly to the company website. It also provides the company using the platform real-user feedback tools, better learning where to adjust confusion-prone parts of the forms, and perform A-B testing to gage the improvements.
In a conversation with Geektime, CEO Tal Daskal tells that the platform utilizes AI technologies to transform the paperwork into a full digitized document, rather than strictly a PDF scanned file.
The company says that “it’s fully understood now that the transition to digital services is not just a luxury, but an actual need.” The company further explained that “now more than ever, financial services and insurance companies are searching for fast ways to optimize operations, in order to adjust to the increasing digitization demand coming from their customers.”
Daskal added regarding the funding round that “the world is changing. COVID-19 has forced traditional organizations to adopt the digital transformation, and its digital culture at a pace and scale never experienced before. Our platform doesn’t just provide organizations with saving costs on development and maintenance, but also directly increases a company’s revenue. We are excited to have the opportunity and the confidence of our investors to continue to develop and empower our vision, alongside global expansion.”
EasySend was founded in 2018 by CEO Tal Daskal, CTO Eran Shirazi, and COO Omer Shirazi. The company has offices in Israel, Germany, and the U.S. that are home to around 50 employees. Last year the company completed a $5 million Seed round led Vertex Ventures with participation from Menora Mivtachim. EasySend notes that the funds will be deployed towards increasing its product offering and expanding its client base in the U.S., Europe, and Asia.