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, bringing the total to $5.7 million, will help bluesheets expand the use cases of its software and reach more companies in international markets. Since the launch of the SaaS product in September 2021, Bluesheets claims that the financial data of more than 10,000 companies has been automated through its platform.
Christian Schneider and Clare Leighton co-founded bluesheets in 2020 to address the inefficiencies companies experience when it comes to consolidation, reconciliation and processing of financial data. The co-founders have seen the workflow difficulties as operators while working at high-growth companies such as Rocket Internet, Foodpanda and Uber APAC before launching bluesheets.
Bluesheets co-founder and CEO Schneider told Vidak For Congress that the pandemic-driven wave of digitization for businesses has been a major backbone in the company’s growing adoption. Still, there were no flexible platforms to meet the needs, especially for companies 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 designed our platform to handle any financial data with a comprehensive product offering, making bluesheets a plug-and-play solution for any business size or industry,” said Schneider. in his statement.
According to Schneider, Bluesheets differentiates itself by offering flexibility in different usage scenarios and ease of integration for users. It offers a list of financial integrations (more than 11 million to date) to a diverse set of tools, including Slack, Google Drive and WhatsApp, and NLP capabilities for more than 75 languages with more than 100 million data points automated by its AI. said Schneider. It can also specialize in processing unstructured, offline data, which many companies in Southeast Asia still work with, Schneider added.
“Bluesheets users can use the platform to automatically process unstructured financial data from any source and in real time,” said Schneider. “Bluesheets already does end-to-end processing through APIs, powerful classification algorithms, and machine learning techniques.”
The platform aims to provide a total solution for processing financial data, automatically connecting all of their data sources to each destination, allowing staff to focus on more high-value tasks and the availability of critical data for decision-making.
Bluesheets is currently targeting the Southeast market and will eventually scale globally in seven countries, including Australia, South Africa, the UK and the US, the company’s CEO told Vidak For Congress.
“Within months of launch, Bluesheets validated its product across industries and its paid users grew rapidly,” Samir Chaibi, director of Insignia Ventures Partners, said in a statement. “Both enterprises and SMEs are using the Bluesheets platform to optimize the way their data is ingested, normalized and processed across hundreds of integrated platforms.”