Indico invests in US Hercules AI which will open Lisbon office

The Portuguese venture capital company Indico Capital Partners has entered a series B investment round in Hercules AI that provides AI solutions for the back office work flows of law and financial firms.

The AI company will also open an office in Lisbon which it will use as a springboard into the European market.

The venture capital firm led by Stephan Morais has entered the series B funding round of Hercules AI, which develops and sells AI solutions for complex back-office workflows of legal and financial firms. The round, initially raised US$426 million (€25 million) in October, has now increased by a further €26.89 million (US$28 million) with the investment from the Portuguese fund.

Initially led by Streamlined Ventures, the round now includes Indico Capital Partners, in addition to previous investors Proof VC, Thomson Reuters Ventures, Alumni Ventures and other business angels.

The amount raised will be directed essentially to three main areas: expansion to Europe through the future hub in Lisbon (the objective is to develop local talent and strengthen alliances with European companies), product innovation with the development of more AI solutions, and signing strategic partnerships (to introduce its technology both in new industries and in other countries).