In this section we cover news, insights and trivia about Intelligent Document Processing (IDP), share interesting articles, upcoming webinars, events and more.
What we cover in this week’s recap:
🗞️News:
IDP vendor natif.ai is acquired by DocuWare Document management and workflow automation solutions provider DocuWare has announced the acquisition of German Intelligent Document Processing vendor natif.ai. With AI at the forefront of its product strategy, DocuWare intends to continue to strengthen its AI offerings with this acquisition to further increase the competitive advantage of the DocuWare platform. Johannes Korves and Manuel Zapp, Co-Founders and Co-CEOs of natif.ai, commented: “We are excited to take this giant leap forward and become a part of the DocuWare Group. Our core driver has always been to accelerate and sustain growth through technology. The expertise of our combined teams will take DocuWare to another level as an ECM provider. These are exciting times, and we are excited to be a part of the change.” Dr. Michael Berger, DocuWare’s President, explained the acquisition: “This is a highly significant and strategic acquisition for us. It allows us to provide our customers around the world with cutting edge AI technology, which is vital to business growth and progress. Combining the expertise of the natif.ai team with ours will take DocuWare to the next level as an ECM leader.” According to DocuWare, natif.ai will operate as an independent legal entity within the company. Financial terms of the deal were not disclosed.
INTENTIS launches its IDP solution Zimus Software engineering company INTENTIS has announced that it has launched its Intelligent Document Processing solution called Zimus. According to INTENTIS, Zimus IDP is able to handle different document formats, various fields, or field combinations and is designed for large document volumes. INTENTIS wrote: “Zimus IDP is a solution that our team developed comprehensively from scratch. It was a challenging project that required significant research and development efforts, but we strove to create a product that would stand out in the market. Zimus runs on our own high-performance AI cluster, providing our users with fast processing speeds, unmatched customization options, and utmost privacy.”
Staple secures $4 million in pre-Series A funding round IDP vendor Staple has announced that it has secured $4 million in its pre-Series A funding round. The round was led by venture capital firm Wavemaker Partners. According to Staple, it will use the funding to further refine its proprietary AI capabilities, expedite its global expansion and extend its suite of document processing and data automation solutions. Ben Stein, CEO and Co-founder of Staple, commented: “This funding is not just a financial boost but a vote of confidence in our vision to revolutionise document processing across the globe. Our aim is to not only expand our market presence but also to continue innovating, making our solutions even more accessible and efficient for businesses worldwide. We are focused on breaking down language barriers and simplifying complex document processing tasks. With this funding, we’re setting our sights on broadening our impact, particularly in regions rich in linguistic diversity and complexity such as Southeast Asia.”
Ripcord closes $32 million in new funding Ripcord, a provider of robotic digitisation and document intelligence including IDP, has announced that it has closed $32 million in new funding. According to the IDP provider, the company will use the new funding to drive the next phase of growth and innovation in the areas of robotic digitisation, document intelligence and generative AI. Sam Fahmy, CEO at Ripcord, commented: “Supersonic advancements in robotics and AI are fundamentally changing how we interact with and gain knowledge from documents. Ripcord is committed to leading the way in this new era and is incredibly grateful for our investors, customers, and partners for helping fuel our mission.”
Klippa and PragmatiQ join forces to streamline accounts payable processes IDP vendor Klippa has announced a partnership with PragmatiQ, an expert in low-code implementation. Together, the two companies aim to leverage Klippa’s IDP solution to improve companies’ document processing capabilities, increase efficiency and streamline accounts payable processes.
ClearDox joins forces with Quor to improve commodity trading solutions IDP vendor ClearDox has announced a partnership with Commodity Trading and Risk Management (CTRM) solutions provider Quor. Together, the two companies aim to close the automation gaps across the trading lifecycle by integrating ClearDox’ intelligent applications into Quor’s core workflows. Steve Hughes, CEO at Quor, commented: “We are thrilled to partner with ClearDox to deliver greater value to our customers. The synergy between our platforms offers a compelling value proposition, empowering traders with unparalleled efficiency and insight throughout the commodity trading lifecycle. We are excited to leverage this partnership to drive innovation and create tangible value to our esteemed customers.”
Latest appointments by IDP vendors: Base64.ai appoints new CEO and interim CMO, 6Estates appoints new Head of Solutions, and Emagia appoints new VP EMEA IDP vendor Base64.ai has announced the appointment of Chris Huff as CEO and Jeff Thomas as Interim CMO. Ozan Bilgen, Founder and former CEO of Base64.ai will assume the role of CTO. Chris Huff commented on his new role: “I am thrilled to join Base64.ai as CEO during this exhilarating period of hyper-growth. As we stand at the forefront of AI innovation, I look forward to steering our talented team towards new heights and breakthroughs. Together, we are poised to redefine industry standards and deliver the market leadership and innovation our customers need to win in a rapidly evolving business environment.” IDP provider 6Estates has announced the appointment of Dr. Weiwei Huang as Head of Solutions to lead its LLM and generative AI offerings. 6Estates commented: “Excited to have Dr. Weiwei Huang join 6Estates to spearhead our LLM and GenAI offerings! Dr. Huang brings a wealth of research and application experience across AI and robotics in Asia.” Last but not least, autonomous financial solutions provider Emagia has announced the appointment of Tom Dobis as Vice President for the Europe, Middle East and Africa (EMEA) region, where he will lead the company’s strategic expansion in EMEA. Dobis commented on his new role: “I am excited and equally honored to extend my leadership to our Emagia EMEA team. In my opinion, having spent more than 20 years selecting world-class tools for clients is across the globe, the Emagia platform is the most powerful tool in the market for Order-to-Cash, and it has a huge opportunity in Europe to help clients looking to become world-class performers. I look forward to accelerating the finance transformation initiatives in the region and increasing our ability to empower customers, partners, and communities across our area to achieve more.”
📰Article:
Insights from the CEO of Indico Data on the role of AI in insurance Read this article to get insights from Tom Wilde, CEO of IDP vendor Indico Data, from the recent Insurtech Insights EU 2024 conference on how AI is changing the insurance industry, including its importance in underwriting and managing emerging risks, as well as the regulatory and ethical implications of deploying AI in insurance.
PDF classification in digital document processing explained Read this article by IDP provider PLANET AI to learn more about the value of AI-based PDF classification and how it helps pave the way to a more organised, scalable and optimised operation.
💡Opinion:
How Intelligent Document Processing Reinvents Customer Experience Read the latest opinion piece by Avi Rafalson, Co-Founder and CEO of IDP vendor DOConvert, in which he writes about how Intelligent Document Processing is redefining the customer experience.
🎧Podcast:
What is data integrity and why does it matter in the digital age? Watch this 39-minute podcast with Maxime Vermeir, Senior Director of AI Strategy at ABBYY and Frederik Rosseel, CEO at Docbyte, to learn more about the importance of data integrity in the AI ecosystem, the impact of exponential advances in computing power and how it has affected the evolution of AI and the IDP market, and more.
🎥Upcoming Webinars:
April 24, 2024: Hiperautomatización de procesos de negocio con DocProStar Register for this webinar hosted by IDP provider TCG Process, in which it will present the latest features of its IDP solution DocProStar (webinar in Spanish).
April 29, 2024: Right here, right now – finding the right data for you Register for this webinar with Bastiaan de Goei, Director of Growth Marketing at IDP vendor Instabase, and learn how data optimization can streamline the insurance claim submission process.
May 2, 2024: Unlock efficiency: Streamline accounts payable processes with Rossum’s official Coupa-certified integration Register for this webinar with IDP vendor Rossum to learn how the integration with Coupa, a provider of an AI-driven Business Spend Management platform, works and the difference it can make to an organisation’s day-to-day AP operations.
May 8, 2024: Harnessing AI for Digital Transformation – Enhancing Customer Experience and Revenue Growth: Strategies for CXOs Register for this webinar with Bala Gopalakrishnan, President & Head of AI at Datamatics, where he will share actionable strategies and real-world use cases to show how AI can be seamlessly integrated into business processes.
📆Upcoming Events (mostly in-person):
May 1-2, 2024: Chief AI Officer Exchange USA in Fort Lauderdale, US This event is an invite-only closed-door event for C-Suite to VP level professionals, and will focus on defining the role of the Chief AI Officer, the relationship of AI to data privacy and data governance, the realistic application of generative AI and more.
May 14-16, 2024: 24th Annual Shared Services & Outsourcing Week (SSOW) Europe in Lisbon, Portugal This event will focus on the challenges of shared services at different maturity levels, with more than 90 of the most experienced Shared Services and Global Business Services executives.
📌Find more upcoming events in the Intelligent Document Processing space here.
🎉 This week we are celebrating the 100th IDP News Weekly Recap, thank you for reading along and see you next week!
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