In this section, we cover news, insights and trivia about Intelligent Document Processing (IDP), share interesting articles, podcasts, reports and more.
What we cover in this week’s recap:
Instabase raises $45M in a Series C funding round and launches AI Hub IDP vendor Instabase announced that it has raised $45 million in a Series C funding round led by Tribe Capital, with participation from Andreessen Horowitz, New Enterprise Associates, Greylock Partners, Spark Capital, K5 Global, and Standard Chartered Ventures. Having already raised $105 million in its 2019 Series B funding round, Instabase is now valued at $2 billion with its latest funding round, which closed at the end of last year. In addition, Instabase launched AI Hub, a self-service solution that democratizes access to content understanding capabilities. The new hub consists of three main components: AI Hub Converse allows users to have interactive conversations and summarize content from documents, AI Hub Build allows users to build repeatable end-to-end workflows, and AI Hub Apps is a store for pre-built applications like passport and driver-license verification. Check out this article by Deep Analysis’ Dan Lucarini to get his thoughts on the key reasons for Instabase’s massive valuation jump to $2 billion.
ibml acquires Exela Technologies’ IntelliScan Digitization and IDP solutions provider ibml has announced the acquisition of Exela Technologies’ IntelliScan Smart Scanning Solutions. With this, ibml expands its strong market position as a provider of high-volume intelligent document processing solutions. By acquiring the IntelliScan portfolio, ibml aims to expand the combined business and serve its customers with a broader product portfolio and extended service coverage. Martin Birch, CEO of ibml, said: “I am pleased to welcome the team from Exela and excited to add Exela’s high-volume scanner products to ibml’s market-leading portfolio of solutions. The additional expertise and offerings will provide our customers with a more diverse portfolio of best-in-class high volume intelligent scanning solutions, and the ability to bring greater innovation to their document-intensive business processes.”
qBotica opens offices in London and expands into the UK, Middle East and Europe IDP vendor qBotica announced that it is expanding its international footprint with the opening of new offices in London. According to qBotica, the decision to locate in London is a natural step on its growth trajectory as it offers immense opportunities for the company as a hub for technological innovation and business excellence. By establishing local operations, qBotica is able to offer customized solutions, timely support and personalized services to its customers in the UK and Europe. Mahesh Vinayagam, Founder and CEO of qBotica, commented: “We are thrilled to announce our expansion into the UK, Middle East, and Europe. Our mission is to transform businesses by harnessing the power of automation and AI. By extending our reach to these new markets, we can offer our innovative solutions to a wider range of organizations and industries, enabling them to achieve greater operational efficiency, improve customer satisfaction, and unlock new growth opportunities.”
Datamatics achieves highest maturity level of CMMI IDP provider Datamatics announced that it has achieved the highest maturity level of Capability Maturity Model Integration (CMMI) for software development and BPM Services. CMMI is a process and behavioral model that helps organizations streamline process improvement and encourage efficient behaviors that decrease risks in software, product and service development. By achieving maturity level 5, Datamatics’ processes are stable and flexible, resulting in more “agility and innovation” in a predictable environment.
Automation Hero is now available in the AWS Marketplace IDP vendor Automation Hero announced that it is joining the AWS Marketplace, making its Intelligent Document Processing solution immediately available for purchase by AWS customers. In doing so, Automation Hero aims to bring a new level of automation and efficiency in processing diverse and complex document sets to companies in various industries, including insurance, real estate, finance, healthcare, telco, and more. Stefan Groschupf, Founder and CEO of Automation Hero, said: “We are incredibly excited to work with the leading cloud provider on this next step of our solution. We’re bringing a new level of access to data and insights trapped in business documents that will be a treasure trove for companies looking to outpace their competition.”
Altilia and Experian join forces to provide faster customer onboarding in the banking sector IDP vendor Altilia announced a partnership with information services company Experian to integrate its Intelligent Document Processing solution with Experian’s customer onboarding services. Together, the two companies aim to leverage advanced technology to make credit processes more efficient and accessible for businesses and end users, as well as safer and more convenient for credit organizations. The collaboration will make it easier for banks to capture and understand new customers’ documentation and evaluate eligibility for credit applications, while protecting against fraud risks.
How to combine AI, automation, analytics and search to deliver IDP Watch this 16-minute videocast with David Cushman of HFS Research and Ansari Ismail, Co-Founder and CTO of Botminds AI, to learn how the IDP vendor combines AI, automation, analytics and search to enable robust Intelligent Document Processing.
See you next week!
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