In this section we cover news, insights and trivia about Intelligent Document Processing (IDP), share interesting articles, upcoming webinars, events and more.
What we cover in this week’s recap:
🗞️News:
ScaleHub is listed as one of the fastest growing companies in Europe ScaleHub, the managed crowdsourcing service for automated document processing, has announced that it has been listed in the FT 1000 by Financial Times and Statista as one of the fastest growing companies in Europe, with companies ranked in order of highest compound annual growth rate (CAGR) in revenue from 2019 to 2022. Mike Riegel, ScaleHub’s recently appointed CEO, commented: “Being listed on the FT 1000 is a reflection of our collective efforts and dedication to driving growth and delivering exceptional value to our clients. As we celebrate this milestone, we remain focused on the future. Our goal is not only to sustain our growth trajectory but also to continuously enhance our offerings and services, ensuring that we keep exceeding the expectations of our clients and stakeholders.”
HuLoop Automation closes $5M seed round AI-powered intelligent automation provider HuLoop Automation has announced that it has closed its $5 million seed round led by Moneta Ventures, and with participation from Rebellion Ventures, Growth Factory, Vibranium VC, Nurture Ventures, Insta VC and others. HuLoop Automation will use the funding to expand its team, accelerate product development, and scale its operations. Todd P. Michaud, CEO of HuLoop Automation, said: “Our goal at HuLoop is to democratize automation, making it accessible to non-technical professionals and to companies of all sizes. With this funding, we are excited to further enhance our platform and bring the benefits of AI-driven automation to more businesses, enabling them to achieve new levels of productivity and efficiency.”
PLANET AI launches IDA 5.2 with multiple new features IDP vendor PLANET AI has announced the launch of IDA 5.2, the latest version of its Intelligent Document Analysis software suite. IDA 5.2 introduces several new features, including zero-shot data extraction based on Large Language Models (LLMs). To prevent AI hallucinations, the extracted data is cross-verified with the captured text. Jesper Kleinjohann, CEO of Planet AI, explained: “The LLM-based data extraction feature, now in beta with IDA 5.2, is a revolution in document processing. We use advanced language models, which have become well-known to everyone since the introduction of ChatGPT. However, our technology is specialized in analytical tasks, thus precisely extracting existing data from documents. It identifies relevant information through a deep understanding of context – a capability that goes far beyond conventional approaches, providing our partners and customers with a decisive added value in document processing.” In addition, IDA 5.2 introduces a recognition SDK to optimize document capture and processing with advanced OCR and ICR technology, as well as a redaction feature that allows to securely redact sensitive entities from JSON and PDF output.
Tungsten Automation unveils TotalAgility 8 with Generative AI-powered Copilots Intelligent automation solutions provider Tungsten Automation has announced the release of TotalAgility 8, the latest version of its flagship platform. At the heart of TotalAgility 8 is the suite of three Generative AI-powered Copilots that provide an intuitive, natural language interface that simplifies the creation of workflows and solutions: Copilot for Development (transforms ideas into working processes, case definitions, forms, business rules, and data models), Copilot for Extraction (reduces the time and effort required to create and manage document extraction models), and Copilot for Insights (generates real time and actionable insights from proprietary business and case data). In addition, TotalAgility 8 introduces Document Libraries, a repository of out-of-the-box extraction models for a variety of use cases across industries, so customers no longer need to build them from scratch, as well as enhanced capabilities that foster collaboration between developers and democratize solution design.
Rossum introduces Rossum Aurora with its proprietary Large Language Model IDP vendor Rossum has announced the launch of Rossum Aurora, its next-generation AI engine specifically for transactional business documents such as invoices, packing lists, bills of lading and purchase orders. The Transactional Large Language Model (T-LLM) built by Rossum was trained on one of the world’s largest datasets in the industry, its own DocILE (Document Information Localization and Extraction), resulting in “human-level accuracy with enterprise-grade safety”, according to the IDP vendor. Albane Flamant, Director of Product Marketing at Rossum, explained: “When it comes to transactional document automation, there is no time for chatting to your documents or crafting complex prompts, no space for Gen AI hallucinations and data leaks. Documents need to be handled accurately, quickly and safely across the journey – from data capture to discrepancy communication – which is just not possible to achieve when using 3rd party LLMs.”
Parashift and redIT partner to boost the Microsoft 365 ecosystem with IDP IDP vendor Parashift has announced a partnership with IT solutions provider redIT to address the challenges of document processing by combining its expertise in IDP with redIT’s expertise in the Microsoft 365 ecosystem. Thanks to this partnership, redIT will now implement Parashift’s IDP solution, improving efficiency and technological capabilities for organizations. Stefan Wagner, Head of Partner Management at Parashift, explained: “Our partnership with redIT represents a significant achievement in our mission to extend Intelligent Document Processing (IDP). redIT’s expertise in Microsoft 365 and its innovative approach make it an ideal partner for us. Together, we are responding to current market demands and looking to set new standards for what companies can achieve with the right technology support.”
UiPath and Google Cloud expand their strategic partnership Enterprise automation software company UiPath has announced that it has expanded its strategic partnership with Google Cloud. As a result, UiPath is now available on the Google Cloud Marketplace, allowing customers using Google Cloud infrastructure to easily purchase UiPath’s business automation platform. Kelly Ducourty, Chief Customer Officer at UiPath, explained: “UiPath automation brings AI directly into business processes to help enterprises execute on whatever ideas and innovations they can imagine. Our partnership with Google Cloud is an essential part of our strategy to help joint customers achieve AI-powered automation across the business. This expanded partnership reinforces our shared mission to bring the transformative force of AI to life in the enterprise through advanced technologies that automate all knowledge work, integrate intelligence into everyday operations, and deliver solutions that help people work smarter.”
📰Article:
Since the emergence of ChatGPT, how many IDP companies have added generative AI functionality to their product range? Read this article by Dan Lucarini of analyst firm Deep Analysis to find out how many IDP companies have added generative AI capabilities to their product range since the emergence of ChatGPT. Also learn more about emerging IDP vendors such as Skwiz, Send AI and Deep Cognition.
🎥Upcoming Webinar:
March 6, 2024: How carriers are leveraging LLMs and automation to drive better decisions Register for this webinar by IDP vendor Indico Data to learn how insurance companies are leveraging automation and AI to not only manage data, but also turn it into actionable insights for decisive action.
March 12, 2024: Automating business processes, the dynamic way Register for this webinar hosted by IDP vendor TCG Process to learn how the integration of DocProStar, TCG Process’ flagship solution, with DecisionRules.io transforms business rules management and increases operational efficiency.
📆Upcoming Event (mostly in-person):
March 14 – 15, 2024: World Intelligent Process Automation Summit in Berlin, Germany This event will focus on the latest developments in the field of intelligent process automation.
March 18 – 20, 2024: Generative AI DACH in Berlin, Germany This event will focus on EU AI Act, data protection and GDPR, best use cases for generative AI, trustworthy AI, Conversational AI, hallucinations, training data and modeling, risk management and bias in video and image generation, AI software and hardware.
📌Find more upcoming events in the IDP space here.
See you next week!
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