US firm invests $60m in Croatia’s Microblink

(Photo: Microblink)

ZAGREB, Dec 16 (Hina) – US growth equity firm Silversmith Capital Partners has invested $60 million in Microblink, a global leader in artificial intelligence-based computer vision technology, the Croatian company announced on Wednesday.

“Since its foundation seven years ago, this is the first time that outside capital has entered Microblink. With a strategic, long-term approach, we have managed on our own, by reinvesting the profit, to develop a company that has become a global tech leader in its segment. This has been a very successful first stage in the company’s development, and our further ambitions are even greater,” Microblink’s co-founder Damir Sabol said.

The partnership with the Boston-based Silversmith will enable accelerated growth in key business areas including product development, go-to-market and team expansion, Microblink said.

Staff at Microblink (Photo: Microblink)

Microblink has experienced strong growth over the last few years. “Despite the global crisis caused by the pandemic, we have recorded an increase in sales revenue of as much as 36 percent from last year,” said Izet Zdralovic, a co-founder and management board member, adding that the company’s team has grown threefold over the last three years and now exceeds 100 employees in Croatia.

The current Microblink product suite includes:

BlinkReceipt: scanning solution to extract and identify SKU level data from receipts
BlinkID: scanning solution for extracting data from ID documents
BlinkCard: scanning solution for payment information
PhotoPay: scanning solution for invoices
BlinkInput: generic scanning solution for replacing manual entry

As part of the investment, Silversmith General Partner Sri Rao has joined Microblink’s Board of Directors alongside Darren Bassman and Microblink co-founder Damir Sabol.