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:
Nanonets raises $29 million in a Series B funding round AI-powered document processing solutions provider Nanonets has announced that it has raised $29 million in a Series B funding round led by venture capital firm Accel with participation from existing investors Elevation and Y Combinator. The company has seen strong growth in recent years: More than 34% of the Global Fortune 500 companies use its AI-based workflow automation platform, and the number of users has quadrupled in the last year. Nanonets will use the new funding to further invest in improving its algorithms, particularly those that process unstructured data, and launch new products based on that, and to scale its marketing and sales efforts. The IDP provider commented: “We’re grateful for the support from Accel, our existing investors, and our incredible team. Together, we’re revolutionizing back-office operations with AI, bringing unparalleled efficiency to businesses worldwide.” The Series B funding brings Nanonets’ total funding to date to $42 million.
Altilia, Cognaize, HuLoop Automation, Instabase: IDP providers are recognized in various ways In the last few days, several Intelligent Document Processing providers have announced that they have been recognized in various ways. Let’s take a look at the accolades: IDP vendor Altilia has announced that it has been recognized among the most prominent AI enterprises in Italy by the national newspaper La Repubblica in their article titled “500 italiani e italiane che contano nell’Intelligenza Artificiale”. Altilia wrote: “We are very proud of this recognition and grateful for the opportunity to continue making meaningful strides in the AI industry. A huge thanks to La Repubblica for acknowledging our dedication and commitment to advancing AI technologies in Italy and beyond.” IDP vendor Cognaize has announced that it has been named a winner in the Business Intelligence Group’s Artificial Intelligence Excellence Awards program for its AI platform and hybrid approach to document automation for financial services organizations. Al Eisaian, CEO of Cognaize, commented: “This recognition from the Business Intelligence Group for Cognaize’s AI platform and hybrid approach to document automation for financial services organizations further highlights our growing market leadership and unmatched pace of innovation. I know I speak for our founder, Vahe Andonians, and the entire Cognaize team when I state that we are even more motivated and committed to living up to this award by continuing to push the envelope for what is possible when AI becomes the cornerstone for solving specific industry problems and meeting critical customers needs to ensure business success.” AI-powered intelligent automation software provider HuLoop Automation has announced that it has won the Independent Community Bankers of America (ICBA) ThinkTECH Accelerator MVP Award (which recognizes the most-evolved fintech offering based on program engagement and alignment with community bank business priorities) and the Bankers Choice Award (selected by an audience vote during the ICBA ThinkTECH Showcase). Todd Michaud, HuLoop’s President and CEO, commented: “HuLoop is grateful to receive both the MVP and Banker’s Choice awards as recognition for the invaluable feedback we received through the ICBA ThinkTECH Accelerator program and its dedication to developing solutions that truly help community banks thrive.” IDP vendor Instabase has announced that it has been named one of 25 finalists in the Department of Veterans Affairs’ “Artificial Intelligence Tech Sprint Competition” to develop AI solutions to combat healthcare worker burnout. Instabase wrote: “We are thrilled to offer our platform to support the integration needs of the agency and look forward to contributing to this effort.”
Datamatics unveils pricing for its TruCap+ GenAI version IDP provider Datamatics has announced the pricing for its GenAI version of TruCap+, its Intelligent Document Processing solution. This enables customers to strategically plan their automation initiatives with predictable spend. Mitul Mehta, EVP & CMO at Datamatics, explained: “TruCap+ has Artificial Intelligence at the core. Both versions of TruCap+ boast AI features that make it extremely powerful and tailored for distinct use cases. While the classic version of TruCap+ is better suited for semi-structured documents with moderate complexity, TruCap+ GenAI excels with highly complex and unstructured documents, particularly when the business needs to go live faster. We take pride in leading the industry with transparent and accessible pricing for the GenAI version of TruCap+. This empowers our customers to strategically plan their automation initiatives without fear of exceeding budgets, all while harnessing the transformative benefits of GenAI technology.”
DOConvert partners with Varisource to help organizations manage and utilize technology services to deliver savings IDP vendor DOConvert has announced a partnership with Varisource, a Technology Buying and Management Platform. Together, the two companies aim to redefine the way organizations manage and utilize technology services to deliver savings. DOConvert explained: “In a world where SaaS companies rely heavily on data uploads, the challenge has always been dealing with raw and unstructured data like documents. Traditional methods like API integration or manual uploads fall short. Together with Varisource, we’re addressing this gap. Our partnership aims to unlock the potential of this untapped data, paving the way for a new category in the tech industry.”
UiPath introduces new LLMs and Context Grounding to enhance its IDP solution Enterprise automation and AI software company UiPath has announced new Generative AI features for its business automation platform, including a new family of Large Language Models (LLMs) and Context Grounding to augment Generative AI models with business-specific data. 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”. In addition, 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 IDP solution.
📰Article:
100% accuracy? Really? Intelligent Document Processing myths, debunked Read this article by Meg Carpenter, Senior Marketing Manager at IDP vendor Rossum, in which she debunks 9 IDP myths. These include the common claim of 100% accuracy, why no company is too small to automate its document processing, the myth that IDP only works for documents that aren’t complex, and more.
🎧Podcast:
What are some of the latest challenges and innovations shaping the IDP landscape? Watch this 34-minute podcast hosted by IDP vendor Parashift to get insights from experts discussing the challenges and future of document processing, the role of LLMs and AI in automation, and the importance of APIs and documentation for easy integration.
💡Opinion:
Small Language Models – A Nostalgic Leap Forward Read the latest opinion piece by Maxime Vermeir, Senior Director of AI Strategy at intelligent automation company ABBYY, in which he writes about the current trend from Large Language Models (LLMs) to Small Language Models (SLMs) and what this means for Intelligent Document Processing.
🎥Upcoming Webinar:
April 24, 2024: Navigating the Shift to Autonomous Finance with Generative AI Register for this webinar to gain insights from industry experts, including from IDP vendor Hypatos, on what the journey towards autonomous finance can look like. The webinar will focus on the potential of generative AI, particularly within the source-to-pay process.
📆Upcoming Event (mostly in-person):
April 3-5, 2024: Association for Intelligent Information Management (AIIM) Conference 2024 in San Antonio, Texas This Event will focus on the latest AI-enabled technology, practices, and trends that are transforming information management and brings together experts from the IDP industry.
April 7-8, 2024: Data & AI Executive Summit 2024 in Atlanta, Georgia This event is aimed at leaders in data, analytics, AI, business intelligence, IT and data governance and will focus on what thought leaders in data science are doing to tackle today’s challenges.
April 10-11, 2024: 9th Congreso Latinoamericano Tecnología y Negocios America Digital (America Digital Latin America Congress of Business & Technology) in Santiago, Chile This event will focus on the Latin American markets in digital transformation, SaaS, AI and more and is aimed at international experts looking to meet with providers, clients and strategic partners.
📌Find more upcoming events in the Intelligent Document Processing space here.
See you next week!
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