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Invofox

Invofox

Automatic invoice data extraction for software companies

Invofox helps software companies automatically extract data from invoices, so they can fully automate processes for their customers, such as payments or accounting, without anyone having to review the data.

Invofox
Founded:2015
Team Size:12
Location:Madrid, Spain
Group Partner:Brad Flora

Active Founders

Alberto Gimeno

Computer scientist and mathematician. Worked for years as a developer before discovering my true passion in sales. Reach out if you're intested in literature, crossfit or baseball.

Alberto Gimeno
Alberto Gimeno
Invofox

Carmelo Juanes

Computer scientist and mathematician. Former researcher at CSIC. Full stack developer focused on web technologies. Talk to me about parkour, bouldering and inline skating!

Carmelo Juanes
Carmelo Juanes
Invofox

Adrian Ramirez

Computer Engineer and Mathematician with a demonstrated history of working in the research industry. Highly skilled in many programming languages with extensive knowledge of ML and DL. Hobbies include hiking, bouldering, soccer and beer brewing.

Adrian Ramirez
Adrian Ramirez
Invofox

Company Launches

tl;dr: We help software companies automatically extract data from invoices, so they can fully automate processes for their customers, such as payments or accounting, without anyone having to review the data. Reach out through our website to learn more!

Hi everyone, we’re Adrian, Alberto and Carmelo, and we are the founders of Invofox. We met at university, in Spain, while the three of us majored in math and computer science.

From left to right:

Adrian is our machine learning expert. He’s responsible for the deep tech side of Invofox. Chat with him about #machineLearning #artificialIntelligence #bouldering or #beerBrewing

Alberto is our CEO. He’s responsible for business development and investors relations. Chat with him about #b2bSales #outboundSales #literature or #crossfit

Carmelo is our CTO. He’s responsible for the productization of our technology, making it usable for our customers. Chat with him about #javaScript #mongoDB #boardGames or #parkour

Isn’t invoice digitization a solved problem? Why should I care about it?

Well, no. The first time we approached this problem we thought the same thing, but it really isn’t.

Most commercial solutions rely on one of two approaches:

  • Template based AI. Basically, you need to pre-configure how to extract information from every different invoice layout you might need to process. It clearly doesn’t scale, it is expensive to setup, and really expensive to maintain.
  • Outsourcing. Meaning someone, somewhere, is going to have to take a look at your invoices. Humans take a long time to do it, and on top of that they make mistakes.

Every year 100+ billion invoices are issued in the USA and EU, wasting tens of billions of dollars in errors and unproductive costs.

Invofox allows you to automate all of the processes taking place around invoices, such as payments or accounting, without anyone having to review those documents.

We do this with an easy to use, stripe like, API, that allows software companies to seemlessly integrate our technology into their product and provide the best possible service to their customers.

Our ask

  1. If you are interested in our technology, reach out to us through our website or email us at founders@invofox.com and try it for free
  2. Share this post! Coming from Spain we do not have a network in the USA, so any notoriety is more than welcome =)
  3. Connect us with other startups or companies that could benefit from automating invoice processing

Our quick blurb: Invofox helps software companies automatically extract data from invoices, so they can fully automate processes for their customers, such as payments or accounting, without anyone having to review the data. We process 17+ million invoices per year, mostly in Europe, and we are currently expanding to the US, Canada, Mexico and India.