AI startup, EasySend, which transforms manual paper processes into digital journeys, says $US16 million in venture capital funding, bolsters the global push to help businesses digitize in the post-COVID economy.
EasySend CEO and Co-founder, Tal Daskal says the company’s successful capital raise amid the tight VC market highlights the strong demand for products that help businesses digitize operations amid fast evolving COVID economic conditions.
“During the pandemic, small to medium enterprises have come to realise that ‘business as usual’ is no longer sustainable in terms of customer experience,” says Daskal.
SMEs digital journey, post pandemic
The International Trade Centre’s 2020 SME Competitiveness Outlook shows that almost 55 percent of small to medium enterprises (SME) say the pandemic has strongly affected their business operations.
The report highlights stepping up efforts to help SMEs digitize as a key area in helping them build resilience to withstand future shocks in the ‘new normal’ operating conditions.
It’s a task EasySend is well positioned to help with, says Daskal.
“Now more than ever, companies of all stripes are searching for ways to digitize their operations rapidly and effectively to meet the growing demand for digitization from their customers,” he says.
“Companies who don’t have a digital presence have been particularly hard hit and are poised to continue to struggle unless they digitize at least part of their day to day operations.”
COVID fastracks digitalization
EasySend’s no-code platform converts paper processes into digital journeys that can be built, analysed, and optimised by non-technical staff without any coding via a simple drag and drop interface.
EasySend says the $US16 million capital raise will enable the company to double its current staff across its offices, optimise its product development and expand its customer base in the US, Europe, and Asia.
The completion of a $US11 million Series A round led by Hanaco with participation from Intel Capital follows a previously undisclosed $US5 million seed round from existing investors Vertex Ventures and Menora Insurance.
Nick Washburn, senior managing director at Intel Capital says the pandemic has accelerated the need for companies to digitise their operations.
“EasySend’s no-code platform utilises AI to digitize thousands of forms quickly and easily, reducing development time from months to days, and transforming customer journeys that have been paper-based, inefficient and frustrating. In today’s world, this is more critical than ever before,” he says.
Yanai Oron, general partner at Vertex Ventures, says COVID-19 has fast tracked EasySend’s market relevance.
“The last few months have demonstrated the need to go digital and as a result, the demand EasySend was experiencing for its solution became even higher.”
After achieving 90 percent market share in the Israeli financial services market, EasySend says it’s expanding globally, including in the Asia Pacific region, where it’s currently focusing on the Japanese and Singapore markets.