Parabola Raises $24 Million

Parabola, a San Francisco-based startup that uses AI to help expedite back-office processes, particularly in the logistics and e-commerce sectors, has announced that it has raised $24 million in a Series B funding round led by OpenView, with participation from strategic investor Flexport alongside Matrix, Thrive, Good Friends, Webflow, Otherwise Fund, Abstract Ventures and Merus Capital. 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. Boiled down to basics, the platform applies AI to automate various workflows. Using Parabola, customers can take documents like PDFs, text message logs, images and emails and have Parabola standardize, enrich or categorize them.