Silversmith Capital Partners leads $60mn funding round for Croatia’s Microblink

Silversmith Capital Partners leads $60mn funding round for Croatia’s Microblink
By bne IntelliNews December 17, 2020

Boston-based growth equity firm Silversmith Capital Partners is leading a $60mn funding round for Croatian AI-powered computer vision software company Microblink. 

The partnership with Silversmith will enable accelerated growth in business areas including product development, go-to-market and team expansion, the companies said in a statement. 

This is the first time Microblink has raised external capital since it was founded seven years ago, as its founders have so far bootstrapped the company. 

Today, Microblink is a profitable and rapidly growing business whose computer vision products help businesses digitise documents, automate processes and eliminate manual data entry. 

It already has hundreds of millions of end-users in 70 companies. Among its clients are companies in financial services, market research, insurance, telecom, consumer packaged goods and retail.

Following the investment, Silversmith general partner Sri Rao has joined Microblink’s board of directors alongside co-founders Darren Bassman and Damir Sabol.

“As enterprises increasingly move towards automation, we are excited to reinvest in our existing business and explore new ways our computer vision platform can solve pain points for companies across a variety of industries,” said Bassman. 

Kirkland & Ellis served as legal counsel to Silversmith. Microblink was advised by Brownstein Hyatt Farber Schreck and Dechert LLP.