BearTail, the startup behind the cloud-based household accounting solution Dr. Wallet, announced today that it has raised $100 million yen (approximately $955,000) from three Japanese investment firms: Incubate Fund, Nissay Capital, and SMBC Venture Capital.
The service lets you keep track of your personal finances by simply scanning your receipts. It was officially launched back in August, and is now available for the Android and iOS platforms, as well on the desktop. To differentiate from similar services, the app does not use OCR (optical character recognition), but instead depends on human-powered data entry to ensuring accuracy. It also automatically sorts and classifies your purchases. With this human-powered processing, the startup could reach data entry accuracy of up to 99.98%, likely enough to ease any user concerns over erroneous inputs.
Using the funds raised this time, they hope to develop a function that lets you know the best products to buy from partnering supermarkets or groceries, based on your purchase history. This feature resembles another budget app, Zaim, which started providing back in July. Also operating in this space is Toppan Printing, with its Shufoo service, allowing households to check the latest supermarket discounts online.
BearTail was chosen for the fifth batch of KDDI’s incubation program, and will be featured at the program’s demo day event, along with four other startups, on January 24th.