Ripcord, the world’s first robotics digitization company, today
announced an additional $45 million in Series B2 funding,
increasing the company’s total funding to over $120 million as the
business focuses on scaling globally. The funding was led by CDK
Global (Nasdaq: CDK), a leading retail automotive technology
company, who will partner with Ripcord to drive digital
transformation across the automotive industry and modernize the car
buying process. Existing Ripcord investors Kleiner Perkins, GV,
Steve Wozniak, Silicon Valley Bank, Lux Capital, Tyche Partners,
Icon Ventures and Baidu participated with strong support in the
Series B2 funding.
Car dealerships face increasing
challenges with consumer privacy concerns and legacy business
processes that rely heavily on inefficient manual, time intensive
forms. To further complicate problems, the information from both
paper and digital forms typically funnels into multiple disparate
and totally disconnected systems, compounding data compliance and
processing issues.
CDK Global is investing in Ripcord to
streamline the car buying experience. CDK Global and Ripcord
together enable solutions that will improve both the consumer and
dealer experience by saving time, reducing errors, and driving down
costs throughout the car buying process. For dealerships, Ripcord
provides added intelligence that helps them buy, sell, service and
finance cars more competitively and with reduced processing costs –
ultimately leading to better prices for the consumer and higher
profit margins for dealers.
“CDK Global strives to help dealers
improve the customer experience in a digital-driven world, and
Ripcord’s intelligent approach to digitization supports our vision
and benefits both dealerships and consumers tremendously,” said
Brian Krzanich, president and CEO, CDK Global.
Ripcord is on a mission to digitize
the earth and usher in a green, paperless era with its
vision-guided robots and advanced artificial intelligence and
machine learning technologies. Ripcord digitizes business processes
that still rely on paper, and automates and modernizes customer
workflows to bring efficiency and cohesion to time-intensive
processes and disconnected systems. Most of the recorded knowledge
of human history is exiled in paper, and Ripcord leverages its
intelligent software to free that information to make it searchable
and accessible to everyone. Ripcord provides the highest speed and
accuracy in the industry, and creates streamlined and more
automated processes that translate to increased profits for
businesses, greater time savings for consumers, and reduced costs
across the entire digital ecosystem.
“Once you pick a car, all you want to
do is drive it off of the lot, but today, there is a mountain of
repetitive paperwork and manual data entry blocking the exit,” said
Alex Fielding, founder and CEO of Ripcord. “Together with CDK's
expertise in automotive and our unmatched digitization capabilities
with intelligent robotics and cutting edge software, we are going
to get new car owners on the road more quickly and help dealers
perfect compliance and earn greater margins. With this new
financing, we'll continue to expand our offering and transform
additional vertical markets across North America and globally.”
Ripcord drives digital transformation
across every industry, and works with notable brands such as Coca
Cola, BP and Chevron, MUFG Bank, UCLA, Cantium, and a number of
Fortune 100 companies, including three of the top five financial
services and three of the top five insurance companies.
For more information about Ripcord,
please visit www.ripcord.com.
Investor Supporting
Quotes:“Every industry, and especially highly regulated
industries, faces a daunting challenge to keep sensitive
information private, and data trapped in paper makes it even harder
to track,” said Steve Wozniak, co-founder of Apple and advisor and
investor in Ripcord. “Ripcord has solved this problem and is
completely transforming the customer experience for every business,
and the company is primed to capture a greater share of the market
with its robotics and AI-driven technologies.”
“As more businesses go digital, they
need help shifting from paper to digital processes and that’s where
Ripcord comes in,” said Wen Hsieh, General Partner at Kleiner
Perkins. “Through its smart robotics technology Ripcord augments
digital transformation by liberating data from paper and making
this information digitally accessible. We see Ripcord poised for
even greater growth as it scales to new geographies and
verticals.”
About CDK
Global, Inc.With $2 billion in revenues, CDK Global
(Nasdaq: CDK) is a leading global provider of integrated
information technology solutions to the automotive retail and
adjacent industries. Focused on enabling end-to-end automotive
commerce, CDK Global provides solutions to dealers in more than 100
countries around the world, serving approximately 30,000 retail
locations and most automotive manufacturers. CDK solutions automate
and integrate all parts of the dealership and buying process,
including the acquisition, sale, financing, insuring, parts supply,
repair and maintenance of vehicles. Visit cdkglobal.com.
About RipcordRipcord
is transforming the $62 billion records management, RPA, MPS, and
ECM space through robots that scan, index and categorize paper
records, making them searchable in the cloud and integrated into
existing business processes while better enabling RPA. Ripcord is
based in California and has raised $120 million from leading
investors including CDK Global, Kleiner Perkins, GV, Baidu, Lux
Capital, Silicon Valley Bank, Steve Wozniak, Legend Star, Icon
Ventures, Kitty Hawk, and Tyche Partners.
To learn more about Ripcord visit
www.ripcord.com.
Press Contact for Ripcord:Alex CardenasHighwire
PRripcord@highwirepr.com
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