Veryfi with 750% year-over-year growth in IDP platform usage

The significant year-over-year growth in the use of the AI-driven IDP platform, among other factors, may indicate that companies are achieving better time-to-value with Intelligent Document Processing than with Robotic Process Automation alone.

Veryfi, which helps companies capture, extract and transform unstructured documents with its AI-driven Intelligent Document Processing solution, reported August 16 that it has seen 750% year-over-year growth in its OCR API platform usage.

Veryfi’s AI-based platform has been trained over the past five years on hundreds of millions of documents of all types, for 85 currencies, 39 languages and 110 data fields, to extract unstructured data from business documents and turn it into structured data. This enables companies to accelerate their financial document processing while complying more effectively with the growing number of international security and privacy regulations.

Ernest Semerda, co-founder and CEO of Veryfi, said in the press release: “Our AI-driven IDP solution is the first to promise Day 1 Accuracy with no humans in the loop, and our customers’ growing trust in our platform is a clear sign that we’re living up to that promise. We’re absolutely thrilled that our customers are joining us on our mission to eliminate manual data entry, and are seeing increased efficiency, revenue, and time to value, starting on Day 1, with our platform.”

The full press release can be found here.

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