Investments

MetaBrite Raises $3M To Grow Its Machine Learning Receipt Scanning Tech

MetaBrite, the Seattle startup that has receipt scanning and business intelligence technology, recently raised $3 million from Acorn Ventures and existing investors.

According to a report, to date, the startup has raised $16 million in funding. MetaBrite has created machine learning technology that is able to scan receipts and provide item-level details automatically to any retailer. It licenses the technology into a variety of consumer-facing mobile apps, noted the report. “Our application partners cover a wide variety of consumer use cases, including brand loyalty and reward programs, lifestyle apps and mobile consumer research, to name a few,” MetaBrite Chief Executive Court Lorenzini said in an interview.

Currently, MetaBrite has 30 employees, which is an increase from 18 at the same time a year ago. It recently hired two new executives — one from Amazon, Leigh Allen-Arredondo, as director of design and a former BlackBerry executive Mark Meuleman as vice president of business development.

While MetaBrite is growing, it’s not without competitors. Expense management and reporting software company Xpenditure announced in Oct. 2015 it secured $5.7 million in its Series A funding round. The company confirmed its new capital will be used to support growth initiatives and continue its vision to “rid the world of receipts and expense reports.”

“What’s happening today is not the end but merely the beginning. While we have achieved much to date, we are now embarking on the next phase as we look to grow in Europe and beyond,” Xpenditure Cofounder and CEO Boris Bogaert said in a company blog post announcing the investment. “We will be doubling the team in the next four months and investing further in our technology, building an expense management solution that our customers continue to value as we strive to save our users time managing expenses,” he added. In the two years since the company started, Xpenditure has expanded its customer base across 40 countries, servicing anyone from big-name enterprise customers to SMBs and even freelancers.

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