Toronto based financial document management system Hubdoc has raised $4.85m in Series Seed funding led by Round13 Capital and BCD IT Venture fund. Hubdoc’s application leverages cloud computing and machine learning to automatically collect and analyze business documents for financial reporting, reconciliation and audit proofing.
“Hubdoc is a core application in the cloud accounting technology stack, and is driving huge efficiency gains for accounting firms and small businesses around the world,” said Bruce Croxon of Round 13 Capital. “We are excited to invest in real-world, practical applications of machine learning and artificial intelligence.” Hubdoc was also recognized as the 2016 Xero App Partner of the Year and is one of Intuit’s global strategic partners. “We believe raising capital is about delivering for our customers, not about money,” added Shulman. “Together with our investors, we’re excited to use this round of funding to take our team and product to the next level.”