Intelligent Document Processing News: 2023 Mid-Year Recap

More than half of 2023 has already gone by. Time to take a look at what has happened in these first six months in the Intelligent Document Processing (IDP) space.

Let’s jump right in:

Signature verification patent, partnerships, and a Series A funding round in January:

Beginning of January, Parascript announced that it had been granted a patent for methods and systems for signature verification. The start of the new year also brought a new partnership between Automation Hero and Roboyo. Meanwhile, Acodis raised CHF 6 million in a Series A funding round. With the Kunzite release, launched new features for its IDP platform that enable companies to automate their document processing heavy workflows, and Appian released Connected Underwriting, which helps insurers accelerate their underwriting process. DocAcquire formed a strategic partnership with automation services provider Ubiquity Technology. As January came to a close, Rossum named Elena Melnikova as its first Chief Marketing Officer.

More partnerships in February and March, platform enhancements, and executive appointments:

In early February, three new partnerships were formed: TCG Process with RBC Group, Parashift with Roboyo, and Alkymi with Ledgex. Meanwhile, KnowledgeLake expanded the capabilities of its IDP platform with an enhanced process automation engine. Eigen Technologies announced the appointment of Brian Troesch as new Chief Revenue Officer, KnowledgeLake announced the appointment of David Arthur as new Chief Revenue Officer, and announced the appointment of Dr. Rainer Kegel as new Chief Executive Officer. A few days later, Rossum released the world’s largest research dataset and benchmark. ClearDox enhanced its intelligent automation platform by adding NLP and combining it with existing AI and ML capabilities, and Indico Data released an improved labeling interface that speeds up the automation process. DocDigitizer announced a strategic partnership with Simply Automate, and Cogent Labs released a new automatic invoice reading feature for its IDP solution. Last but not least, Parashift announced a number of new features for its IDP platform, including LLMs, third-party AI API integration and its Marketplace.

With the spring awakening, partnerships grow, as well as the integration of Large Language Models:

Following the astronomical rise of Large Language Models (LLMs) and some early adoptions, more and more IDP vendors announced integrating LLMs into their IDP solution in the spring. Meanwhile, TCG Process expanded its global footprint with a UK subsidiary. ProcessMaker announced the appointment of Jeff Lortz as new Chief Executive Officer, as did Hyperscience a few days later with Andrew Joiner as new Chief Executive Officer. Straive followed suit in early May with the appointment of Ankor Rai as its new CEO. With Alkymi and its Summarization Pattern and OpenBots and its Documents with GPT, more IDP vendors brought their GPT-powered capabilities to market. In late April, Cognaize announced enhancements to its IDP platform, and Ocrolus reported record growth, adding 20 new customers in 45 days. May ended with more partnerships: Parashift with Swisscom Conextrade, Cogent Labs with transcosmos, DocDigitizer with no less than two new partnerships in two weeks, one with Vergence Group and one with Mayasoft, and Altilia with Experian.

Beginning of summer: $45M Series C funding round, more partnerships and LLM integrations:

In early June, Automation Hero announced the availability of its platform in the AWS marketplace. Shortly after, Instabase announced its $45 million Series C funding round as well as the launch of its new AI Hub. Meanwhile, qBotica opened offices in London to expand into the UK, Middle East and Europe. Other partnerships between AYR and CiGen, and SS&C Blue Prism, Parashift and tangro, and Ripcord with Oracle set the tone in June. Hyperscience won the 2023 AI Breakthrough Award. And with Datamatics and Indico Data, two more IDP vendors added Generative AI to their IDP solution and launched their integration with Microsoft Azure OpenAI Service, respectively. Docugami wrapped up a great first half of 2023 in the Intelligent Document Processing space by receiving a $1 million grant from the National Science Foundation.

We are excited for the second half of the year and more partnerships, platform enhancements, innovations, funding rounds, acquisitions, awards and much more!

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