Document Recognition services for business

Updated: June 24, 2022

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

Reviewing repetitive documents is, well, repetitive, but Klarity believes people don’t have to do all of that and is building an artificial intelligence tool, targeting finance and accounting departments, that turns documents into structured data. Klarity replaces humans for tasks that require large-scale document review, including accounting order forms, purchase orders and agreements. Instead of having many accountants reading thousands of almost identical documents every month to find non-standard language, Klarity does that, helping the accountants save time and avoid mistakes.

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

Ocrolus, a startup hoping to automate loan approval process that analyzes financial documents with over 99% accuracy, has raised $80 million in Series C. Ocrolus uses a combination of technology, including OCR (optical character recognition), machine learning/AI and big data to analyze financial documents. But what sets it apart, is the Human-in-the-Loop (HITL) component also used in document processing to further ensure accuracy. In a nutshell, the company aims to help lenders make “faster, data-driven decisions.” Its technology can classify financial documents, capture key data fields, detect fraud and analyze cash flows.

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

The Germany and Poland-based process automation startup Hypatos has raised a $11.8M seed round. Hypatos is applying language processing AI and computer vision tech to speed up financial document processing for business use cases such as invoices, travel and expense management, loan application validation and insurance claims handling via — touting a training data set of more than 10 million annotated data entities. Hypatos says its use of deep learning tech supports an “in-depth understanding” of document content — which in turn allows it to offer customers a “soup to nuts” automation menu that covers document classification, information capturing, content validation and data enrichment.

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

Alkymi, an early-stage startup that wants to bring intelligence to highly manual business processes like copying and pasting financial data from emails and attachments, launched today with a $5 million seed investment. The startup is bringing machine learning to the business analyst’s in-box with the goal of automating many of the tedious manual parts of the job. The company has created a solution that extracts data automatically that these analysts previously had to copy and paste into applications, spreadsheets or databases.

2019. Amazon launched AI OCR service - Textract

Amazon has launched a new service Textract for its Web Services customers, and it's like optical character recognition on steroids. It more than just extracts text from documents like its name implies - it can actually identify different document formats and their contents so it can process them properly. The product was designed to be able to recognize if it's taking text from tables and forms from documents, including scanned receipts, tax paperwork or inventories. It then generates structured data that doesn't need human input. Textract can process millions of pages in just a few hours, which can lower document processing costs. Plus, customers can use it even though they don't have previous machine learning experience.