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:
DeepOpinion closes €11 million Series A funding round
Intelligent Document Processing provider DeepOpinion has announced that it has closed a €11 million Series A funding round. The funding round was co-led by VC fund Red River West and VC platform AIpha Intelligence Capital, with participation from existing investors Stride.VC and Lunar Ventures. According to the Austrian IDP provider, it will use the new funding for its global expansion, the further development of its core AI platform and the advancement of enterprise automation with AI agents. Stefan Ramershoven, Co-Founder of DeepOpinion, commented: “Raising our Series A feels like a huge milestone — not just for DeepOpinion but for everyone involved and supporting us from day one. Stefan Engl and I started this journey realizing that traditional automation and AI technology hit a wall when it comes to unstructured data — emails, documents, messages — the messy stuff that actually runs businesses and keeps people busy. This was unacceptable for us. There must be something better out there. So we went on that mission. What followed was a rollercoaster of challenges, late nights, and relentless focus. There were times when we questioned if we were moving fast enough or if we were making the right bets. Few years later I am pretty proud to look back on the team’s achievements. We’ve figured out how to automate complex knowledge work with Agentic Business Apps. This Series A is the beginning of a fresh chapter. It’s a testament to the incredible team we’ve built and the customers who’ve trusted us to transform their businesses.”
Hyperscience releases latest version of its Hypercell platform
Intelligent Document Processing vendor Hyperscience has announced the latest release (R40) of its Hypercell platform, which deepens automation capabilities and further embeds machine learning into the core of the organization. With the long-form extraction model, organizations can identify multiple occurrences of the same information in the same unstructured document, extract data from complex document types (50-200 pages), and thus populate LLMs with long form documents to address new specific use cases. In addition, Hyperscience Hypercell R40 offers greater efficiency in model management and features that underscore the IDP vendor’s commitment to meeting enterprise security and compliance requirements. Andrew Joiner, CEO of Hyperscience, commented: “Organizations today face relentless pressure to modernize in order to reduce costs, improve productivity, and deliver exceptional customer, employee, and citizen experiences. Digital transformation starts with data, and requires the accurate processing and automation of all the information assets that flow through an organization. This transformation has eluded most companies who have had to rely on legacy technologies and business process outsourcers. The latest release of the Hyperscience Hypercell delivers on the promise of transformation by setting the technology foundation to harness the power of GenAI and LLMs, and enabling our customers to convert back office documents and processes into strategic advantage.”
Extract Systems is acquired by healthcare automation solutions provider Vyne Medical
Intelligent Document Processing provider Extract Systems has announced that it has been acquired by healthcare automation solutions provider Vyne Medical. With this acquisition, Vyne Medical aims to further simplify the flow of data in hospitals and healthcare systems across the US to improve both the patient and provider experience. The company will integrate Extract Systems’ AI and ML capabilities into its healthcare workflow platform, Trace, to empower organizations with the data they need to make informed decisions and help healthcare professionals streamline data transfers. David Rasmussen, CEO and President of Extract Systems, commented: “For over 25 years, Extract Systems has been dedicated to mastering the art and science of data extraction, delivering a machine learning technology that continuously improves results for virtually all data and document types. We’re thrilled to join forces with Vyne Medical as we march toward our collective goal of helping make structured and unstructured data extraction and redaction swift, effortless, and virtually error-free.” Financial terms of the deal were not disclosed.
TCG Process announces availability of DocProStar in the SugarCRM Marketplace
Intelligent process automation company TCG Process has announced that its IDP solution DocProStar is now available in the SugarCRM Marketplace. The integration with the SugarCRM platform enables companies to automate tasks like document classification and data entry and optimize overall process efficiency across multiple departments. Barry Richards, Managing Director of TCG Process UK, said: “We’re thrilled to bring our automation capabilities to the SugarCRM ecosystem. As more organizations look to streamline operations, DocProStar offers the opportunity to optimize their CRM investment by scaling operations more effectively.”
📰Article:
Excerpt of Infosource’s ‘2024 Global State of the Intelligent Document Processing Industry Market’ report
Read this article by Petra Beck, Senior Analyst at analyst firm Infosource, in which she explains, among other things, why Infosource is predicting a double-digit CAGR for the forecast period from 2024 to 2028.
🎧Podcast:
Automation in Action Podcast with IDP vendor DOConvert
Watch this 40-minute podcast hosted by Brent Wesler, VP of Strategic Technology and Digital Automation at PiF Technologies, and featuring Avi Rafalson, Co-Founder and CEO of DOConvert and Sharon Shafran, Advisor for Strategy and Business Development for the Intelligent Document Processing vendor. You will gain insights into the history of DOConvert and learn how the company managed to develop a commercial product within only two years.
💻On-demand AI course:
6-week online AI course
Sign up for this free online 6-week Artificial Intelligence course offered by Helm & Nagel GmbH with its IDP platform Konfuzio if you want to deepen your understanding and practical application of AI.
💡Opinion:
GPT or not GPT, that is the question: Why the fear of missing out should not motivate your investment in generative AI
Read the latest opinion piece by Marie-Pierre Garnier, VP of Marketing & Communications at Cortical.io, in which she explains why only 48% of AI proofs of concept (POC) make it into production, according to analyst firm Gartner, and what companies can do to maximize the chances of success for their AI projects.
🎥Upcoming Webinars:
October 8, 2024, 9 am EST: How Rossum’s E-invoicing Plugin Works
Register for this webinar hosted by Rossum to get an overview of the e-invoicing landscape as well as a live demo of the new e-invoicing Germany plugin from the IDP vendor.
October 8-9, 2024, 9 am EST: Intelligent Document Processing Summit 2024
Register for SSON’s two-day virtual Intelligent Document Processing Summit to learn how organizations can combine IDP with a variety of other technologies to create frictionless, end-to-end workflows. This year’s speakers include Josh Kettlewell, Chief Technology Officer at Staple AI, Thilo Rossa, Chief Product Officer at Parashift, Chris Maertz, SVP of Partner Ecosystem at Base64.ai, and many more thought leaders from the space.
📌Find more upcoming events and webinars in the Intelligent Document Processing space here.
Thank you for reading and see you next week!
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