Our investment in bluesheets: leveraging AI to make data processing seamless with workflow automation
Illuminate is pleased to partner with bluesheets by leading its $6.5 million Series A alongside Antler Global, Insignia Venture Partners, and 1982 Ventures!
While the advancement of Artificial Intelligence has empowered businesses to perform next-generation analytics and minimize manual processes, the complexity of data requirements has simultaneously increased, hindering businesses from fully automating tedious workflows and unleashing the power of next-generation analytics.
Based out of Singapore with offices in Australia, Ukraine, and New York, bluesheets’ AI-enabled data processing engine captures data across different platforms and formats across businesses, automating laborious workflows by offering hundreds of plug-and-play features for businesses to solve their pain points.
Unprecedented need for “analytics-ready” data in the “AI Era”
The advancement of AI has redefined our understanding of data. While Machine Learning has unleashed the capability of cognitive automation for more sophisticated tasks, such as Natural Language Processing (NLP), sentiment analysis, and behavioural predictions, the capability of capturing high-quality data and processing massive datasets at scale have become priorities for most businesses to fully benefit from advanced analytics. Global investments in cloud infrastructure have reached $597.3 billion, a 21.3% growth since 2022, enhancing the computational power of businesses to leverage AI for further use cases.
SMEs as “hidden gems”
SMEs are the backbone of the Southeast Asian economy, with more than 14 million SMEs accounting for over half of the region’s GDP. Compared to large enterprises able to afford highly-customized, on-premise full suite software, Small & Medium Enterprises (SMEs) are active adopters of user-friendly, single-use-case workflow automation tools with basic data processing features, such as invoice/receipt processing, accounting/bookkeeping, and reporting. They are extremely sensitive to the price and ease of adoption and maintenance of the tools given limited budgets and the size of the team.
Introducing bluesheets — one-stop data processing & workflow automation platform
bluesheets’ platform modularizes RPA with hundreds of plug-and-play features, making it easily customizable for individual needs and adaptable for businesses through no-code integration. With running systems from internal standalone systems to off-the-shelf tools such as Slack, Google Suites, Xero, Office 365, etc. bluesheets’ analytical engine, comprising proprietary LLM and NLP, is capable of ingesting 40+ languages across various formats while maintaining >99.5% accuracy compared to legacy OCR systems. This provides bluesheets with a unique advantage in Southeast Asian countries where multiple languages are predominantly spoken in one country.
bluesheets has been working with over 10 enterprises and hundreds of SMEs to minimize manual workflows and improve operational efficiency across Singapore, Thailand, Malaysia, and Japan.
Huge upside potential of RPA software market
Robotic Process Automation (RPA) software is estimated to be a ~$2.5 billion market in 2022 globally, reaching ~$20.2 billion by 2030 with a CAGR of ~30.4%. APAC shows the highest potential in RPA software adoption, a market of ~$1 billion in 2022 that is expected to reach ~$10 billion by 2030. In addition, COVID-19 has been accelerating the digital tailwind for businesses to adopt RPA software to improve efficiency, reduce costs, and build resilience.
Most importantly — a technically and commercially exceptional team
Christian Schneider (Co-founder & CEO) and Clare Leighton (Co-founder & COO) encountered workflow challenges firsthand and observed how data was manually collected and used when working with rapidly expanding enterprises such as Rocket Internet, Foodpanda, and Uber APAC. They drew upon their operational experiences to found Bluesheets, aiming to simplify data management and workflow obstacles for fast-growing businesses so that they can focus on growing their businesses and more value-added tasks. bluesheets has also been recognized by several notable awards and associations in the financial sector, including Chartered Accountants’ Audience Choice Award by Fishburners and Chartered Accountants Australia and New Zealand and Emerging App of The Year by Xero.
We firmly believe that Christian and Clare, alongside their 20+ strong team are the most exceptional team to transform the way companies manage their data and workflows. We at Illuminate are humbled and proud to work with bluesheets to further accelerate their growth trajectory by supporting their collaboration with global financial institutions and expansion across APAC.
If you would like to get in touch with the bluesheets team for business collaborations, or if you are building the next-generation enterprise technology solution and believe we could be of any help, feel free to give me a shout at ty@illuminatefinancial.com.
