CloudFactory, a global leader in human-in-the-loop artificial intelligence (AI), announced that Pieter Nel has joined as Chief Technology Officer (CTO). Nel brings more than 20 years of experience, across three continents, in technology strategy and software engineering management at fast-growth technology companies. As CTO, he will lead the technology and machine learning (ML) teams, continuously evolving CloudFactory's platform as a key enabler for clients' successful AI deployments. "Considering all successful AI deployments include humans in the loop, CloudFactory is positioned perfectly to support clients with our experienced annotation workforce and building the infrastructure to enable human-in-the-loop AI deployments." Nel previously served as CTO at Ocrolus, where he scaled the New York company's human-in-the-loop AI document processing product.

Ocrolus, a New York startup that taps AI and machine learning to parse financial documents, today announced it has raised $24 million in a series B round led by venture growth equity firm Oak HC/FT. Ocrolus cofounder and CEO Sam Bobley said the fresh capital, which follows a $4 million series A in April 2018 and brings the company's total raised to about $30 million, will fuel expansion into verticals like consumer and auto lending and advance development of the company's underwriting solutions for banks. "Sometimes humans are better than robots," said Bobley, who added that Ocrolus has quintupled in size since April 2018 and now counts hundreds of financial services companies among its customer base. "We combine machine processes with live human intelligence to provide customers with a complete solution. The capital will be used to develop workflows for new document types and sharpen our fraud detection and analytical capabilities."

Ocrolus, a New York startup that taps AI and machine learning to parse financial documents, today announced it has raised $24 million in a series B round led by venture growth equity firm Oak HC/FT. Ocrolus cofounder and CEO Sam Bobley said the fresh capital, which follows a $4 million series A in April 2018 and brings the company's total raised to about $30 million, will fuel expansion into verticals like consumer and auto lending and advance development of the company's underwriting solutions for banks. "Sometimes humans are better than robots," said Bobley, who added that Ocrolus has quintupled in size since April 2018 and now counts hundreds of financial services companies among its customer base. "We combine machine processes with live human intelligence to provide customers with a complete solution. The capital will be used to develop workflows for new document types and sharpen our fraud detection and analytical capabilities."