BearTail, the startup behind the cloud-based household accounting solution Dr. Wallet, announced today that it has raised $100 million yen (approximately $955,000) from three Japanese investment firms: Incubate Fund, Nissay Capital, and SMBC Venture Capital.
The service lets you keep track of your personal finances by simply scanning your receipts. It was officially launched back in August, and is now available for the Android and iOS platforms, as well on the desktop. To differentiate from similar services, the app does not use OCR (optical character recognition), but instead depends on human-powered data entry to ensuring accuracy. It also automatically sorts and classifies your purchases. With this human-powered processing, the startup could reach data entry accuracy of up to 99.98%, likely enough to ease any user concerns over erroneous inputs. ...continue reading...
The Bridge 12/27/2013 [en]
- Mobile services around money is one of the hottest categories in Internet startups recently. Direct competitors for Dr. Wallet includes ReceReco and Zaim, both of which use OCR.