Parabola, a San Francisco-based startup that uses AI to help expedite back-office processes, particularly in the logistics and ecommerce sectors, today announced that it raised $24 million in a Series B funding round led by OpenView with participation from strategic investor Flexport alongside Matrix, Thrive, Flexport, Good Friends, Webflow, Otherwise Fund, Abstract Ventures and Merus Capital.
Alex Yaseen, Parabola’s founder and CEO, says that the new capital will be put toward hiring and product R&D. To date, the company’s raised $34.2 million — inclusive of the latest tranche.
“Most software companies struggled in the pandemic shift, but we’ve found success,” Yaseen said. “2023 is the year of the operator, and Parabola is the go-to platform to empower them.”
So what does Parabola do, exactly? Boiled down to basics, the platform applies AI to automate various workflows. Using Parabola, customers can take documents like P...
