03
Mar

Sensibill closes $17.3 million Series A to scale digital receipt data service for banks

Sensibill closes $17.3 million Series A to scale digital receipt data service for banks

TORONTO, ON – March 02, 2017 – Sensibill has raised a sizeable $17.3 million Series A led by Information Venture Partners and OpenText Enterprise Apps Fund (OTEAF).

Sensibill offers a suite of value-added services for mobile banking apps centered around the everyday receipt and enabled by machine learning. Last year, the FinTech company, which is headquartered in Toronto, launched its core product, a smart receipt management service, with Scotiabank and TD Canada Trust’s mobile wallet app UGO Wallet. The round led by Canadian VC firms is one of the largest A-rounds in Canada to date.

“We are pleased to be leading this round of investment,” said David Unsworth, Co-Founder and General Partner at Information Venture Partners. “As experienced financial technology investors, we have long believed in the inevitable ubiquity of mobile banking as a core digital channel for all financial institutions. We believe Sensibill is well-positioned to bring its digital receipt capabilities into every mobile banking application and are thrilled to be their partner as they continue to scale and develop a world-class financial technology company.”

Sensibill says the funds will enable the company to continue developing a robust system that can structure data from any merchant receipt and return rich insights to consumers and businesses alike. Currently, Sensibill is the market leader in extracting and structuring receipt data using deep learning techniques, but the startup claims that this is only the beginning compared to what they are layering on-top.

“We knew that people wanted an intuitive and secure solution for managing their receipts, but we’ve also learned a great deal about how they want to make better use of their purchase information,” said Corey Gross, Co-Founder and CEO of Sensibill. “Think reminders for when warranties expire, being able to optimize household budgets, and highly targeted credit card rewards. That’s where machine learning comes into play, and we’re excited to add more fuel to our growing research and AI team right here in Toronto.”

Globally, financial institutions are waking up to the potential of receipt data. The demand is growing for receipt solutions that are able to contextualize purchase information down to the payment and SKU-level. Having already announced partnerships with Tier 1 Canadian banks, Sensibill plans on allocating the new resources towards growth and delivery efforts in the United States, U.K, and Australia.

Sensibill has attracted investment from industry veterans — a strategic move on the company’s part. “We want to work with investors who really understand banktech, and have had industry-defining success building and scaling financial services companies,” says Gross. Sensibill’s B2B2C partnership model for bringing new technology to banks and their customers is a welcomed deviation from the “challenger” position FinTechs often take.

“Banks are hungry for innovative customer-facing solutions that solve everyday pain points. The reason digital receipts are such a desirable offering is because it has mass customer appeal and enables personalization,” said Drew Sievers, founding partner of San Francisco-based Operative Capital and former founder and CEO of mobile banking pioneer, mFoundry. “Sensibill has delivered impressive results for some of the largest banks in the world, and is now well-positioned to be a global leader and an indispensable partner to financial institutions.”

“Our investment reflects our belief in the tremendous market potential for their technology and management’s ability to execute on their vision. In a short space of time Sensibill has closed deals with some of the world’s leading financial institutions in a highly competitive environment. We are very excited about their growth prospects and look forward to working with Corey and his outstanding team,” said Tony van Marken, General Partner at OTEAF.

Both Unsworth and van Marken will be joining Sensibill’s board of directors.
San Francisco-based Operative Capital, Mistral Venture Partners, and existing investor Impression Ventures have also participated in the round.

About Sensibill
Sensibill is a white-label Software as a Service platform that allows personal and business banking customers to manage line-item receipts directly from their desktop and mobile banking applications. Customers can capture and store paper and electronic receipts, which can then be accessed and used for returns, exchanges, expenses, taxes and accounting.
Sensibill leverages rich item-level purchase data to deliver personalization and contextualized services to banking customers. To find out more visit www.getsensibill.com.

About Information Venture Partners
Information Venture Partners (IVP) is a Toronto-based venture capital group investing out of its $106 million second fund. IVP is focused on fast-growing enterprise FinTech and enterprise software companies based in North America. As a Series A investor, IVP looks for rapidly growing companies with differentiated technology solutions addressing significant market opportunities. Portfolio companies include Adaptive Insights, Verafin, Igloo Software, eSentire, PostBeyond, Q4 and Sensibill. Follow IVP on the web at www.informationvp.com or on Twitter @informationvp.

About OpenText Enterprise Apps Fund
The OpenText Enterprise Apps Fund (OTEAF) was formed in 2015 and invests in Canadian technology companies that are building disruptive, enterprise applications that leverage the power of the internet, big data, predictive analytics, mobility and machine learning. OTEAF has offices in Toronto, Ontario and Montreal, Quebec. www.oteaf.vc

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    AI STARTUP RUBIKLOUD TO BE ACQUIRED BY OTTAWA-BASED KINAXIS FOR $81.4 MILLION CAD

    OTTAWA, ON, June 15, 2020 – Kinaxis® Inc. (TSX: KXS), the authority in driving agility for fast, confident decision-making in an unpredictable world, has signed a definitive agreement to acquire Toronto-based Rubikloud, a disruptive, emerging provider of AI solutions that automate supply chain prescriptive analytics and decision-making in the retail and consumer packaged goods (CPG) industries.

    Globally-recognized retailers and CPG manufacturers in the health and beauty, household and grocery segments use Rubikloud’s AI-based products today. Their offerings include demand forecasting and automation to manage and optimize trade promotions, pricing and assortment to drive product demand and dramatically improve financial results. Kinaxis will enhance RapidResponse’s demand planning capabilities with the Rubikloud offerings, anticipating initial opportunities in the company’s rapidly-growing CPG customer base and over time for other industries such as life sciences. The acquisition also offers Kinaxis a springboard into the enterprise retail industry.

    “Rubikloud has capabilities and value that we can offer our CPG customers today, leads us into the retail industry with some bellwether accounts, and adds a group of approximately 80 people to an already-impressive AI and machine learning (ML) team here at Kinaxis. Over time, this enhanced group will contribute to new and existing AI-powered capabilities across the full Kinaxis RapidResponse® platform and applications,” said John Sicard, President and CEO of Kinaxis. “This acquisition reflects the growing importance of AI and ML to power intelligent automation and augment human decision-making to better deliver on customer promises, remove waste and increase resiliency for effective risk management.”

    Rubikloud’s SaaS-based ML offerings empower retail and CPG manufacturers to transform their core operations by improving and automating complex, profit-generating decisions. Rubikloud’s proven AI capabilities and intuitive tools enable users to leverage disparate data sources to improve forecast accuracy, site-level allocations, inventory availability and promotion plans by allowing users to run boundless simulations in real time.

    “We founded Rubikloud with the belief that purpose-built AI could be used to solve some of the most complex industry problems and we have spent the last seven years building a fantastic product that receives validation from global customers every day,” said Kerry Liu, CEO, Rubikloud. “We’re excited at the prospect of joining Kinaxis, which helps us bring our innovations to a much broader customer base at a faster pace than on our own. Not only that, being two strong Canadian companies we see great cultural synergy and look forward to working on the complex problems we know RapidResponse and concurrent planning can solve for customers.”

    Terms of Agreement
    Kinaxis will acquire Rubikloud for US$60 million in an all-cash transaction that is expected to close within 60 days. Based on Rubikloud’s current revenue and expense profile, the company’s fiscal 2020 revenue and Adjusted EBITDA guidance, as reiterated in its May 6, 2020 news release, remains unchanged. The transaction is subject to customary closing conditions.

    About Kinaxis Inc. 
    Everyday volatility and uncertainty demand quick action. Kinaxis® delivers the agility to make fast, confident decisions across integrated business planning and the digital supply chain. People can plan better, live better and change the world. Trusted by innovative brands, we combine human intelligence with AI and concurrent planning to help companies plan for any future, monitor risks and opportunities and respond at the pace of change. Powered by an extensible, cloud-based platform, Kinaxis delivers industry-proven applications so everyone can know sooner, act faster and remove waste. For more Kinaxis news, follow us on LinkedIn or Twitter.