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:
Konfuzio enters into strategic partnership with Wolters Kluwer IDP vendor Konfuzio (part of Helm & Nagel GmbH) announced that it has entered into a strategic partnership with professional information services company Wolters Kluwer. Together, the two companies aim to sustainably improve the efficiency of administrative processes in communities, cities and counties. Christopher Helm, shareholder-managing director of Helm & Nagel GmbH, explained: “The digitization of administrative processes is a crucial step in improving the efficiency and service quality of public institutions. We are proud to work with Wolters Kluwer to drive this change and make a significant contribution to the modernization of our municipal infrastructures.”
Cognaize closes $18 million Series A funding round IDP vendor Cognaize announced that it has closed an $18 million Series A funding round led by Argonautic Ventures, with participation from Metaplanet as well as several other investors. With this Series A funding, Cognaize aims to accelerate research and product development, as well as marketing and sales capacity to meet global demand for its AI solutions, which are currently focused on challenges specific to the financial industry. Al Eisaian, CEO at Cognaize, commented: “We are thrilled by the enthusiastic support and confidence of our investors that believe in our mission. Closing this oversubscribed Series A is a testament to our investors’ commitment as well as the value Cognaize’s AI solutions are delivering to a who’s who of global leaders in the financial industry.”
Xtracta enhances its technology with deep learning techniques AI-powered data extraction software provider Xtracta has announced the release of improved data extraction methods using deep learning techniques. After researching the development of new data extraction methods using deep learning techniques since early 2022, the company launched the technology to its first customer in June and plans a wider rollout in the coming months. According to Xtracta, the new AI technology with deep learning demonstrates greater precision in extraction, especially for documents where classification and per-class models are not used or have not yet been trained.
Which IDP vendor seems to be one of the adults in the room when it comes to LLMs? Since the beginning of the general GPT hype, enterprise adoption hasn’t taken too long either. This has therefore not been free of problems and risks, especially in terms of hallucinations, security, data protection, etc. For IDP vendors whose primary goal is to provide a safe and secure solution, the approach with Large Language Models (LLMs) therefore needs to be particularly cautious. Read this article by Dan Lucarini of Deep Analysis to find out which IDP vendor seems to be one of the adults in the room when it comes to LLMs.
The fundamentals of document classification in Intelligent Document Processing Read this article by IDP vendor PLANET AI to better understand document classification in the context of Intelligent Document Processing. Learn why accurate document capture is important, how the two primary classification approaches differ, and get examples of industries and use cases for document classification.
The impact of AI on information management Register for this upcoming webinar on July 26, 2023, and join industry experts as they discuss the impact of AI on information management. Among other things, you’ll gain insights on how your organization can take full advantage of AI as well as understand the value of information governance as AI is increasingly deployed in organizations.
See you next week!
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