MUFG Innovation Partners completes investment in Ripcord.
July 27, 2021 – MUFG Innovation Partners Co., Ltd. (“MUIP”), a corporate venture capital fund and a wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (“MUFG”), has recently invested in Ripcord Inc. (“Ripcord”).
Ripcord is a Silicon Valley startup focused on providing services that help enterprises accelerate digital transformation using its robotics and SaaS digitization platform. The investment by MUIP comes on the heels of a multi-year deal announced in July 2020 for the use of Ripcord’s robotic and machine learning solutions to digitize critical and sensitive documents for its parent company, MUFG. This improves on a legacy system and process where hundreds of millions of sheets of paper are kept in a central location not readily accessible to branch locations. By digitizing these analog documents, the digital data becomes immediately accessible by all bank branches, materially reducing the time required to retrieve information and serve customers.
Building on the success and strength of this partnership, MUFG is undertaking a first for Ripcord by not only being a customer but also an investor in the brand. MUFG will also help to shape and support Ripcord’s vision and commitment to unlocking the intelligence in data to affect real, actionable change. MUIP is excited to be a partner in Ripcord’s journey to help businesses transform digitally. We have confidence in Ripcord’s capability of helping businesses unlock value from paper documents, making data digitally accessible to stakeholders with speed, at scale, and securely. With the Covid-19 pandemic accelerating digital transformation plans for many businesses, MUIP looks forward to deepening our collaborative partnership with Ripcord as it scales its solution both in Japan and new geographies.
Name: Ripcord Inc.
Date of Establishment: March 20, 2015
Headquarters: Hayward, California
Representatives: Alex Fielding, Chief Executive Officer (CEO), Kevin Hall, Chief Technology Officer (CTO)
Business Description: Robotic digitization company
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with around 3,000 locations in more than 50 countries. The Group has over 180,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english
MUFG Innovation Partners Co., Ltd. is a $ 185 million corporate venture capital founded by MUFG, investing in fintech startups around the world. For more information, visit https://www.ip.mufg.jp
Ripcord is powering digital transformation and accelerating its customers business processes, data analysis and decision making through Robotic Process Automation utilizing robotics, software and AI. Ripcord’s robots automatically digitize, index and categorize paper records, making them searchable and accessible in the cloud. Ripcord Canopy, a content services platform that resides in the cloud, provides enterprise customers the ability to manage, search, and seamlessly integrate their digitized content with existing business processes. For more information, visit www.ripcord.com