Staple bags US$4m in pre-series A funding round

The company will use the funds for its expansion.

SG-based document processing solutions firm Staple secured US$4m in a pre-series A funding round led by Wavemaker Partners.

Staple will allocate the funds towards its expansion, hiring additional staff, and enhancing AI capabilities.

The firm provides a platform that enhances document processing through artificial intelligence (AI), equipped with tools capable of handling documents in structured, semi-structured, and unstructured formats, and manages data in more than 200 languages.

"Companies manually process 1,000 to 100,000 documents in varied formats monthly. Manual processing is needed because most of the data is unstructured. Unfortunately, manual processing is prone to errors and on average, it costs about US$50 to correct each error, potentially translating to millions in unnecessary expenses each year. Staple makes it so much easier for companies to manage their data.” Paul Santos, Managing Partner at Wavemaker Partners, said.