IDP provider Straive acquires AI company Metonymize

The Intelligent Document Processing (IDP) provider has acquired Chicago-based AI company Metonymize to expand its capabilities in providing core AI solutions to its customers.

Straive, an AI solutions provider including Intelligent Document Processing (IDP), announced October 25 that it has acquired AI company Metonymize. Financial terms of the deal were not disclosed.

Metonymize has developed proprietary methodology and tools to derive AI-powered insights from previously inaccessible data, and was initially backed by the National Science Foundation (NSF) and the Defense Advanced Research Projects Agency (DARPA).

Kripa Rajshekhar, Co-Founder and CEO of Metonymize, commented: “In this era of advanced AI, it’s evident that we need more reliable and scalable solutions that redefine how we engage with data and insights. At Metonymize, we’ve been pioneers in building knowledge-oriented AI tools. Aligning with Straive, a leader in full-stack data-first solutions, is a natural progression for our journey.”

Namit Sureka, President and Chief Analytics & AI Officer of Straive, explained: “Innovative methodologies and tools will shape the future of data-driven insights and AI solutions. Kripa and his team have an in-depth understanding of AI and are among the leading AI practitioners in the industry. We are thrilled to welcome them to Straive.”

Deb Henretta, Senior Advisor to Metonymize, further explained: “The next step for organizations is going from Big Data into the realm of artificial intelligence and operationalizing it with tangible use cases. Getting the mix of capabilities across the value chain right is key to converting insights into results. I am excited for the possibilities ahead for Metonymize in the context of Straive’s full-stack vision for operationalizing AI.”

Straive was ranked as an Aspirant by research firm Everest Group in both its Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2023 and its Unstructured Document Processing Products PEAK Matrix® Assessment 2023.

Headquartered in Singapore, Straive provides data services, subject matter expertise, and technology solutions, including Intelligent Document Processing (IDP), to multiple domains, such as research content, e-Learning/EdTech, and data/information providers.

You can find the full press release here.

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