At its annual AI Summit, the Intelligent Document Processing (IDP) provider announced several new Generative AI platform features, including a new family of Large Language Models (LLMs) called DocPATH and CommPATH, as well as Context Grounding, which augments Generative AI models with business-specific data to enhance Document Understanding, its IDP solution.
UiPath, an enterprise automation and AI software company, announced on March 19 at its AI Summit several new Generative AI features for its business automation platform. These include a new family of Large Language Models (LLMs), Context Grounding to augment Generative AI models with business-specific data, and updates for Autopilot.
UiPath’s new LLMs, DocPATH and CommPATH, provide organizations with LLMs that are extensively trained for their specific tasks, document processing and communications, rather than “general-purpose GenAI models like GPT-4 that struggle to match the performance and accuracy of models specially trained for a specific task”. This is also what Ralph Gammon, Market Analyst at analyst firm Infosource, pointed out: “This I think sums up the quandary we are having between LLMs, which everyone wants to leverage, and dedicated IDP models, which have been developed previous to the explosion of Generative AI. Why not bring the two models together and take LLM models and train them specifically for IDP? As I said, I expect we will see a lot more of this type of activity going forward.”
Furthermore, UiPath introduced Context Grounding which helps businesses improve the accuracy of Generative AI models by providing prompts a foundation of business context through retrieval augmented generation, making business data LLM-ready. Context Grounding will therefore enhance all UiPath Generative AI experiences in UiPath Autopilots, GenAI Activities, and Document Understanding, its Intelligent Document Processing solution.
Graham Sheldon, Chief Product Officer at UiPath, explained: “Businesses need an assortment of AI models, the best in class for every task, to achieve their full potential. Our new family of UiPath LLMs, along with Context Grounding to optimize GenAI models with business specific data, provide accuracy, consistency, predictability, time to value, and empower customers to transform their business environments with the latest GenAI capabilities on the market. These new features ensure that AI has the integrations, data, context, and ability to take action in the enterprise with automation to meet our customers’ unique needs.”
Last December, UiPath reported strong financial results for the third quarter FY2024 with revenue of $326 million, up 24% YoY, and ARR of $1.378 billion, also up 24% YoY.
Headquartered in New York, UiPath offers an easy-to-use, AI-Powered Business Automation Platform that combines its leading robotic process automation (RPA) solution, with a full suite of capabilities, including Intelligent Document Processing (IDP), to understand, automate, and operate end-to-end processes.
You can find the full press release here.
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