Affinda Group Secures $10 Million in Growth Funding
The Affinda Group, a leader in AI-driven document processing solutions, has raised USD 10 million in its latest funding round. This round brings the company's total funding to USD 22.9 million over the past 18 months, valuing Affinda at USD 120 million.
Founded by Melbourne brothers Tim Toner and Dr Ben Toner, Affinda has grown into a global operation with a 65-person team spanning Asia Pacific, North America, and Europe. The company serves over 1,500 customers in 75 countries, delivering innovative solutions that enhance productivity and efficiency by digitising document-intensive workflows.
The newly acquired funds will be used to expand Affinda's global team, with plans to increase headcount to 100 employees soon. The focus will be on hiring AI and software engineering professionals, partnerships, sales, and marketing. Affinda's technology, initially developed for the recruitment sector to automate resume processing, now serves various industries, including financial services, insurance, and legal services.
Affinda’s sister company, Draftable, offers advanced document comparison solutions adopted by over 300 law firms globally. Draftable’s features include side-by-side comparisons and sophisticated redlining capabilities, catering to the needs of legal professionals.
Tim Toner, CEO of Affinda, expressed, "The success of this funding round reflects the value of our proprietary technology and our ability to deliver AI-driven solutions to complex business problems across various industries. Our annual revenue growth of 150-200% underscores the impact of our solutions."
Affinda’s Chief Scientist, Dr. Ben Toner, added, "AI is fundamentally transforming our world, and the pace is only increasing. Affinda's technology strikes a crucial balance, automating repetitive tasks while preserving human judgment where it matters most. By continuously integrating cutting-edge AI advancements, we enable our customers to confidently leverage the latest document processing capabilities, keeping them at the forefront of efficiency and innovation."
