NEW YORK (Reuters) – Goldman Sachs Group Inc has sustained Attack, a US startup that develops software to help with the construction of finance more efficient, the companies said on Wednesday.
FILE PHOTO: The ticker symbol and logo of Goldman Sachs is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, USA, 18 December 2018. REUTERS/Brendan McDermid/File Photo
Other investors in the $8 million round include QED Investors and Camber Creek, the companies said.
Rebate, formerly known as Contract Simply is, will the funding for the further development of the platform and growing its software engineering and sales team, the company said.
Rebate platform helps companies involved in the construction of finance — such as banks, developers, and contractors — the digitization and viewing of documents that are of interest for a deal. The process is currently heavily manual and paper-based, making it time consuming and prone to errors.
Rebate of the technology uses machine learning to automatically search and extract key information from documents, in a format that can be more easily analyzed by the parties involved.
The Austin, Texas-based company says the platform enables lenders and developers to gather more insight from the information they have and transact faster than by emailing each other spreadsheets and Pdf files.
“All of this information is captured in disconnected Pdf files, spreadsheets, e-mails,” Mitchell, Rebate director and co-founder, said in an interview. “We want to focus on the efficiency, accuracy and transparency of that software can bring to this complex industry.”
Goldman’s investment comes as banks and other large financial institutions increasingly turn to fintech startups for technology that can help them streamline some of their processes.
Mitchell Goldman said construction of a finance department was Rebate of the software.
“We strongly believe in the construction of finance will be automated and brought out of its decades-old paper-driven process,” David Bell, managing director of Goldman Sachs’ construction of the group, said in an interview. “The rebate is the only solution we’ve seen that can cope with the complexity of this transition.”
Reporting by Anna Irrera; Editing by Tom Brown