turicode raises CHF 2.2 million to accelerate market expansion and product development

10.09.2020 16:00, Isabelle Mitchell

After bootstrapping turicode to a company with 20 employees, the team around co-founder Martin Keller attracted investors: Swiss Startup Group, SeedX, BackBone Ventures, Gentian Investments, and experienced business angels participated in a CHF 2.2 million financing round to fund the company’s growth plans. turicode is a successful Software-as-a-Service provider in the field of document processing solutions based on machine learning and deep learning.

turicode’s software MINT.extract helps companies and their employees to digitize document-intensive business processes. Founded in 2016, the Winterthur-based tech startup has developed a novel software technology that reads and understands documents such as PDFs, scans, or emails like humans do.

“After bootstrapping turicode to a company with 20 employees and building up a trusted customer base, we achieved a level where customers are able to save costs and time instantly. The focus is, therefore, now on accelerating growth. Hence, we will use the funds for market expansion and further invest in product development and customer success,” says Martin Keller, co-founder and CEO of turicode. “We have received a lot of interest from investors and are very pleased to gather such a strong mix of institutional investors, industry experts, and entrepreneurs who are joining us in our mission to turn documents into value,” he continues. 

“The field of automated document processing is key for any company that truly intends to execute on their digital agenda. It is not only a matter of achieving an ROI in a short time but also about having a high-performance, adaptive business application that enables employees to maximize output quality and continuous training with a few mouse clicks. With its generic approach, turicode offers a unique and comprehensive solution for businesses from various sectors such as the financial industry, the real estate industry, the logistics industry, or the public institutions,” comments Beat Steiner, CEO of ajila, who is joining the board of directors.

Guillaume Waser, General Partner of the SSUG Flagship Fund 1, who is also joining the board of directors, adds: “We have been following turicode for some time and have been truly impressed by the founding team, the recurring positive customer feedback and the sustained business traction achieved. turicode solves a real pain point in a global and growing market – we are looking forward to supporting the team in building up to a market leader.”

turicode was a Venture Leader Fintech in 2019, and Keller explains how this support laid the foundation for the fundraising success: “Raising external capital is an important milestone for every startup. Finding the right timing and solid preparation for successful fundraising is therefore key – and that’s where Venturelab is coming in. Being part of the Venture Leaders Fintech roadshow 2019 to Hong Kong and the continuous support paved the way to where turicode is today.”