Anyline, a leading Vienna-based provider of Optical Character Recognition (OCR) technology working with Toyota, IBM and PepsiCo has raised $12 million in Series A funding to help it to enable more businesses to digitise the real-world.
Leading the round is Project A, the Berlin-based Operational VC, supported by Anyline’s existing investors, including Johann Hansmann, Senovo and the Gernot Langes-Swarovski Foundation.
Businesses are using Anyline technology to scan and collect analogue information, such as identity documents, serial numbers and utility meters using any standard mobile device. This brings significant savings in terms of time and resources and improves data-quality for businesses by eliminating manual data entry.
“This investment, coupled with the excitement and enthusiasm we have seen from our investors throughout the process, clearly highlights the growth potential Anyline possesses as the market continues to mature,” said Lukas Kinigadner, CEO and co-founder of Anyline.
“We are proud to say European-born technology is helping businesses across the world to reduce the errors, inefficiencies and frustrations that come with manual input. By becoming the market leader in mobile OCR, Anyline plans to be the technology partner businesses need to meet these challenges on the horizon.”
Uwe Horstmann, a partner with the lead funder Project A said: “Anyline offers a superior solution in the computer vision business, valuable to both the public sector and private customers. Apart from their reliable state-of-the-art technology, our decision to invest in Anyline is very much based on their amazing team. We are proud and happy to support Anyline financially as well as with our operational services.”
Kinigadner added: “We accept the pressure of European society to grow its own remarkable technology companies which challenge the dominance of other continents. Therefore, Anyline plans to use this capital to develop its proprietary Anyline Platform, a pioneering AI-powered solution that allows our customers to develop their own tailor-made OCR solutions. This frees them from the previously fixed nature of OCR technologies and ensuring its functionality is only limited by their creativity.”
This new capital will primarily be used to double the headcount within Anyline, and to open its first US headquarters in Boston in early 2020.