In this section, we cover news, insights and trivia about Intelligent Document Processing (IDP), share interesting articles, upcoming webinars and more.
What we cover in this week’s recap:
News:
Rossum receives financial support from CIBC Innovation Banking IDP vendor Rossum has announced that it has received non-dilutive funding from CIBC Innovation Banking. Tom Dods, Director of CIBC Innovation Banking in the UK, said: “We are delighted to be supporting Rossum as its document processing platform continues to expand and evolve. Rossum’s AI technology is creating genuine innovation in the Intelligent Document Processing market, with real efficiency gains for its customers. The CIBC Innovation Banking team is looking forward to supporting Rossum as it continues to grow.” The IDP vendor will use the funding to further expand its market position. Tomas Gogar, Co-Founder and CEO of Rossum, commented: “This substantial financial support from CIBC Innovation Banking is a resounding endorsement of our strategic direction and demonstrates a profound confidence in our vision and operational model. Our platform is helping blue-chip enterprise businesses like Bosch, Siemens, AB InBev, and Panasonic streamline productivity. CIBC Innovation Banking’s support further validates our company’s robustness and potential for sustained growth as the leaders in this industry.”
Alphamoon is now part of the Association of Financial Companies in Poland (PL only) IDP vendor Alphamoon has announced that it is now part of the Association of Financial Companies in Poland (ZPF), which brings together the leading companies in the Polish financial market. The IDP vendor commented: “Being part of the association is an opportunity for us to share and learn best practices, discuss needed changes in the industry and drive innovation. For us, it’s a crucial step in achieving a position of a key tech partner for all finance leaders in Poland.” Tomasz Strama, Chief Growth Officer of Alphamoon, explained further: “As one of the sectors of the financial market, the receivables management market operates in an environment of constant change affecting the activities of our companies. From the beginning, ZPF has been an active participant in the legislative process, a promoter of professionalism and mutual respect and ethical principles of activity. The new challenges of the market, especially in the area of technology and artificial intelligence, and consequently also the ethical aspects related to its application is an area in which we feel strong and want to develop it with our partners and clients by cooperating within the circle of members of the Association of Financial Companies in Poland.”
Send AI secures pre-seed funding of €2.2 million IDP vendor Send AI has announced that it has closed a €2.2 million pre-seed funding round. The round was led by Google’s AI fund Gradient Ventures and venture capital firm Keen Venture Partners. Former and current executives from UiPath, MongoDB and Google Deepmind also participated as angels. Send AI will use the €2.2 million pre-seed round of funding to strengthen its team, speed up the development of its internal AI models and prepare for the expansion into international markets.
Technology & Cognition LAB introduces AIDA Pay for streamlined payment processing IDP vendor Technology & Cognition LAB has announced the release of AIDA Pay. The latest feature simplifies the invoicing process by enabling payments through a QR code or a simple email link, matching the transaction directly to the corresponding document.
natif.ai joins forces with IT services provider REGLER SYSTEMS IDP vendor natif.ai has announced a partnership with IT services provider REGLER SYSTEMS. The goal of the partnership is to combine natif.ai’s expertise in AI-driven document automation with REGLER SYSTEMS’ expertise in system solutions in order to raise the standard for document management and process automation. Johannes Korves, Co-Founder of natif.ai, said: “REGLER SYSTEMS was one of the first supporters of our company, I still remember when it was just the 4 of us founders when REGLER SYSTEMS approached us. We have already implemented many projects together and I am looking forward to the other projects that will come in the future because of this partnership.”
Konfuzio with Oracle Database integration and optimized Document Validation User Interface IDP vendor Konfuzio has announced that it is now compatible with the Oracle database, underlining the company’s commitment to delivering adaptable, seamless solutions for different enterprise environments. In addition, Konfuzio has optimized its Document Validation User Interface: the labels within the label sets can now be shown and hidden to make it easier for users to get a clear overview.
HFS Research refreshes its brand Technology analyst firm HFS Research has announced that it has rebranded, and explained: “At HFS, we continue to pioneer new business models, define markets with visionary and thought-provoking insights, and elevate our services to our clients―ensuring they are not just prepared for disruption, but positioned to thrive in the midst of it. And now, our refreshed brand to match.” Phil Fersht, HFS Research’s CEO and Chief Analyst, said: “14 years ago we set out to shake up the analyst industry and we’re bigger, badder and bolder than ever.”
PSPDFKit releases XtractFlow Software development company PSPDFKit has announced the release of XtractFlow, its IDP engine powered by generative AI. XtractFlow integrates with LLMs like ChatGPT from OpenAI or Azure OpenAI. Jonathan Rhyne, Co-Founder and CEO at PSPDFKit, said: “Excited to finally publicly release this into the wild. Intelligent data processing has always been hampered by the expense of having to have a human in the loop. Often times this is having a person review extraction results and many times meant having an admin setup an extraction template based on an example document they tagged to ensure accuracy. Now with the combination of our proprietary OCR algorithms and document classification engine paired with OpenAI’s APIs this can be accomplished generically, with natural language, and without a human in the loop accurately. This combination is unique and a step forward in the space in terms of quality. You can integrate it into the application you are building directly with the SDK or call out to our APIs easily.”
Upcoming webinar:
February 27, 2024: Rossum introduces Aurora Register for this webinar hosted by IDP vendor Rossum, in which Tomas Gogar, Rossum’s Co-Founder and CEO, and Petr Baudis, Rossum’s Co-Founder and CTO, demonstrate Rossum Aurora. Aurora is Rossum’s next-generation AI for improved document understanding and end-to-end automation, built on top of a proprietary Transactional-Large Language Model (T-LLM).
See you next week!
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