Document Recognition services for business

2022. LexCheck raises $17M to automate common contracting processes



LexCheck, a cutting-edge platform powered by artificial intelligence (AI) for contract analysis, has successfully concluded a Series A funding round of $17 million. Leveraging advanced AI technologies, including natural language processing, LexCheck assists in optimizing contract editing and negotiation procedures. The platform aims to streamline the contract negotiation process by offering organizations digital playbooks that automate contract reviews. Through the delivery of redlines, comments, insertions, and deletions, LexCheck ensures standardization while automatically addressing deviations from preferred positions outlined in the playbooks. This innovative solution revolutionizes contract management, enhancing efficiency and accuracy in contract-related operations.


2022. Klarity lands $18M to read scores of documents



Reviewing repetitive documents can be an arduous and monotonous task, but Klarity aims to revolutionize this process by harnessing the power of artificial intelligence. Specifically designed for finance and accounting departments, Klarity's AI tool is capable of transforming documents into structured data. By automating tasks that typically require extensive document review, such as accounting order forms, purchase orders, and agreements, Klarity eliminates the need for humans to manually sift through countless similar documents. This innovative solution not only saves valuable time but also reduces the likelihood of errors, enabling accountants to focus on more strategic and high-value activities.

2021. Ocrolus lands $80M to automate document processing for fintechs and banks



Ocrolus, a promising startup aiming to streamline the loan approval process through automated analysis of financial documents with an impressive accuracy rate of over 99%, has successfully raised $80 million in Series C funding. Ocrolus employs a combination of advanced technologies including OCR (optical character recognition), machine learning, AI, and big data analytics to comprehensively analyze financial documents. What truly sets Ocrolus apart is its incorporation of the Human-in-the-Loop (HITL) component in document processing, which further enhances the accuracy of the analysis. In essence, the company strives to assist lenders in making faster and data-driven decisions. Ocrolus' cutting-edge technology enables the classification of financial documents, extraction of key data fields, fraud detection, and cash flow analysis. With its innovative approach, Ocrolus is revolutionizing the loan approval process by providing robust and accurate insights to lenders.


2020. Hypatos gets $11.8M for a deep learning approach to document processing



The process automation startup Hypatos, with operations in Germany and Poland, has successfully raised $11.8 million in a seed funding round. Hypatos leverages language processing AI and computer vision technology to accelerate the processing of financial documents for various business use cases, including invoices, travel and expense management, loan application validation, and insurance claims handling. The company boasts an extensive training dataset comprising over 10 million annotated data entities. Hypatos' utilization of deep learning technology enables a comprehensive understanding of document content, allowing them to offer customers a complete automation solution that encompasses document classification, information extraction, content validation, and data enrichment.


2020. Alkymi launches with $5M seed to automate email data extraction



Alkymi, a recently established startup, has introduced its innovative approach to streamlining labor-intensive business processes, such as the extraction of financial data from emails and attachments. With a seed investment of $5 million, Alkymi aims to revolutionize the role of business analysts by incorporating machine learning technology into their workflow, automating repetitive and time-consuming tasks. By leveraging its solution, analysts can now extract data automatically, eliminating the need for manual copying and pasting into various applications, spreadsheets, or databases.


2019. Amazon launched AI OCR service - Textract


Amazon has introduced a new service called Textract for its Web Services customers, and it can be described as optical character recognition on a highly advanced level. Textract goes beyond mere text extraction from documents, as its name suggests. It possesses the ability to identify various document formats and their contents, allowing for accurate processing. This product has been specifically designed to recognize and extract text from tables and forms found within documents, including scanned receipts, tax paperwork, and inventories. It then generates structured data without requiring human intervention. Textract is capable of processing millions of pages within a matter of hours, thereby reducing document processing costs. What's more, customers can utilize Textract even without prior experience in machine learning.