Businesses often ask customers to fill out PDF forms that then need to be transcribed into a computer system. Anvil is working to eliminate that repetitive and tedious process through automation and a new round of venture capital.
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On Wednesday, the 2-year-old company announced a $5 million Series A investment led by Gradient Ventures, Google’s AI-focused investment fund, with participation from Citi Ventures, Menlo Ventures, Financial Venture Studio and 122 West.
The completion, processing and storing of paperwork costs America more than $1 trillion annually, Darian Shirazi, general partner at Gradient Ventures, said in a written statement.
The San Francisco-based company’s business process automation platform aims to reduce those costs by converting documents to simple online workflows.
“It’s like TurboTax for any kind of paperwork,” Mang-Git Ng, Anvil’s co-founder and CEO said in an interview. “Once you create the web form, you can then just share a link to it and track progress. It’s meant to help you create an experience when asking for basic information, or information you want to easily get at.”
Ng said Anvil has been running “lean and mean” with five employees since 2018, so his plans for the capital include recruiting more employees on both the technical and non-technical sides, as well as hitting the market hard with products.
“By the end of the year, conservatively, we plan to double our employees,” he added. “It is kind of an opportune moment as people try to understand the best experience for their customers as more people get used to doing things online.”
Ryan Falvey, co-founder and managing partner at Financial Venture Studio, told Crunchbase News he met Ng at last year’s Money 20/20 Startup Pitch showcase, and saw Anvil’s potential.
His firm invests in fintech companies and is introducing Anvil to banks that can use the platform.
“By using the internet or the cloud, it will make enterprise more productive,” he said. “Especially now in the new reality, it’s important to make it easier to sign up without paper.”
Illustration: Li-Anne Dias