Invofox — Startup Profile

Document processing AI API for software companies

HQ: Madrid, Spain | Founded: 2021 | Employees: 30 | Stage: Seed | Website: https://invofox.com

About

Invofox is an API-first intelligent document processing platform for software companies. The API automatically extracts, validates, and structures data from invoices, receipts, and other business documents, integrating with ERP systems, accounting software, payment solutions, and document management platforms. Founded in 2021 by Alberto Gimeno (CEO), Carmelo Juanes Rodríguez (CTO), and Adrián Ramírez del Río (CDO). All three are computer scientists and mathematicians who met at university in Spain. YC Summer 2022 batch. Raised ~$500K seed from Y Combinator and additional investors including ACE & Company. In 2024, raised $8M convertible note led by 4Founders Capital with YC and others participating. Total over $10.9M raised. HQ in Madrid, Spain.

The Take

Invofox is well-positioned in the intelligent document processing (IDP) space with an API-first approach targeting software companies (rather than end-users directly). $10.9M+ raised including an $8M convertible note in 2024 shows strong investor confidence. Madrid-based with lower operating costs than US competitors. Key risk: highly competitive IDP space with many incumbents (Hyperscience, Abbyy, Rossum) and well-funded players.

Key People

Alberto Gimeno
Carmelo Juanes Rodriguez
Adrian Ramirez Del Rio

Key Competitors

Timeline Highlights

2024-02: Raised $8M convertible note led by 4Founders Capital
2022-07: Raised $500K seed from Y Combinator
2022-06: Accepted into Y Combinator Summer 2022 batch
2021: Invofox founded by Alberto Gimeno, Carmelo Juanes, and Adrian Ramirez in Madrid

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