Bluesheets, a Singaporean AI-powered data-processing platform that enables financial automation for enterprises, has raised $4 million led by Insignia Ventures.
The latest funding, which brings its total raised to $5.7 million, will help bluesheets to expand the use cases of its software and reach more businesses in international markets. Since its SaaS product launch in September 2021, Bluesheets claims it has seen more than 10,000 companies’ financial data automated over its platform.
Christian Schneider and Clare Leighton co-founded bluesheets in 2020 to address the inefficiencies experienced by businesses when it comes to financial data consolidation, reconciliation and processing. The co-founders have seen the difficulties in workflow as operators while working at fast-growing companies like Rocket Internet, Foodpanda and Uber APAC before launching bluesheets.
Co-founder and CEO of Bluesheets Schneider told TechCrunch that the pandemic-induced digitization wave for businesses has been a significant tailwind in the growing adoption of the company. Still, there weren’t any flexible platforms to meet the needs, especially for businesses trying to consolidate offline and online data in Southeast Asia, Schneider said.
The company says most automation and integration platforms are still unable to fully digitize workflows due to fragmented tech stacks and the persistence of offline data records in business processes.
“From the very beginning, we’ve designed our platform to be able to process the full scope of financial data with a comprehensive product offering, enabling bluesheets to be a plug-and-play solution for any company size or industry,” Schneider said in its statement.
Bluesheets differentiates itself by providing flexibility across use cases and simplicity in integration for users, according to Schneider. It offers a list of financial integrations (more than 11 million to date) to a diverse suite of tools, including Slack, Google Drive and WhatsApp, and NLP capabilities catering to more than 75 languages with more than 100 million data points automated by its AI, according to Schneider. It also can specialize in processing unstructured, offline data, which many businesses are still working with in Southeast Asia, Schneider added.
“Bluesheets users are able to leverage its platform to automatically process unstructured financial data from any source and in real-time,” Schneider said. “Bluesheets already does end-to-end processing through APIs, powerful classification algorithms, and machine learning techniques.”
The platform wants to provide a one-stop solution for processing financial data, automatically connecting all their data sources to any destination so that staff can focus on more high-value tasks and the availability of critical data for decision making.
Bluesheets currently focuses on the Southeast market and ultimately will scale globally across seven countries, including Australia, South Africa, the U.K. and the U.S., the company CEO told TechCrunch.
“Within a few months after launch, Bluesheets validated its product across several verticals and rapidly grew its paid user base,” said Samir Chaïbi, a principal of Insignia Ventures Partners, in a statement. “Enterprise and SMEs alike use the Bluesheets’ platform to optimize the way their data is ingested, normalized and processed across hundreds of integrated platforms.”