- Robotics digitization company Ripcord announced it has raised an additional $45 million in Series B2 funding
Robotics digitization company Ripcord announced it has raised an additional $45 million in Series B2 funding. Including this round of funding, Ripcord has raised a total of over $120 million.
This round of funding was led by CDK Global (leading retail automotive technology company)— who will partner with Ripcord to drive digital transformation across the automotive industry and modernize the car buying process. And existing Ripcord investors Kleiner Perkins, GV, Steve Wozniak, Silicon Valley Bank, Lux Capital, Tyche Partners, Icon Ventures, and Baidu also participated with strong support in the Series B2 funding.
Car dealerships are facing increasing challenges with consumer privacy concerns and legacy business processes that depend heavily on inefficient manual, time-intensive forms. And to further complicate problems, the information from both paper and digital forms typically funnel into multiple disparate and totally disconnected systems, compounding data compliance, and processing issues.
Key Quotes:
“CDK Global strives to help dealers improve the customer experience in a digital-driven world, and Ripcord’s intelligent approach to digitization supports our vision and benefits both dealerships and consumers tremendously.
– Brian Krzanich, president and CEO at CDK Global
“Once you pick a car, all you want to do is drive it off of the lot, but today, there is a mountain of repetitive paperwork and manual data entry blocking the exit. Together with CDK’s expertise in automotive and our unmatched digitization capabilities with intelligent robotics and cutting edge software, we are going to get new car owners on the road more quickly and help dealers perfect compliance and earn greater margins. With this new financing, we’ll continue to expand our offering and transform additional vertical markets across North America and globally.”
– Alex Fielding, founder and CEO of Ripcord
“Every industry, and especially highly regulated industries, faces a daunting challenge to keep sensitive information private, and data trapped in paper makes it even harder to track. Ripcord has solved this problem and is completely transforming the customer experience for every business, and the company is primed to capture a greater share of the market with its robotics and AI-driven technologies.”
– Steve Wozniak, co-founder of Apple and advisor and investor in Ripcord
“As more businesses go digital, they need help shifting from paper to digital processes and that’s where Ripcord comes in. Through its smart robotics technology Ripcord augments digital transformation by liberating data from paper and making this information digitally accessible. We see Ripcord poised for even greater growth as it scales to new geographies and verticals.”
– Wen H. Hsieh, General Partner at Kleiner Perkins
