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:
Indico Data closes $19 million funding round and secures strategic investment from Guidewire IDP vendor Indico Data has announced that it has closed a $19 million funding round led by .406 ventures and joined by Guidewire, the platform for property and casualty (P&C) insurers, as well as existing investors Sandbox Industries, Osage Venture Partners, and Jump Capital. According to Indico Data, the new funding will enable the company to further develop its “hybrid” Discriminative and Generative AI platform, expand its global reach, and strengthen its customer success initiatives. In conjunction with Guidewire’s investment, Indico Data announced that its Ready for Guidewire validated accelerator (an integration to seamlessly connect Indico Data’s intelligent intake solution with Guidewire PolicyCenter) will be available soon. Tom Wilde, CEO of Indico Data, commented: “We are thrilled to announce the successful closure of our latest funding round, which includes a strategic investment from Guidewire. This investment, along with the future launch of our Guidewire accelerator, represents a significant step forward in our mission to transform the underwriting and claims processes for P&C insurers. The integration with Guidewire PolicyCenter will enable our customers to automate the ingestion of unstructured data, enabling them to make better decisions around what risk to underwrite. This partnership not only validates our innovative approach but also accelerates our ability to drive growth and deliver cutting-edge solutions to the insurance industry.” In addition to the successful closing of the funding round, Indico Data has also announced a strategic partnership with specialty insurance and reinsurance carrier Convex Insurance. The goal of the partnership is to leverage Indico Data’s IDP solution to simplify and accelerate Convex’s claims intake processes and to enhance its underwriting efficiency.
Eigen Technologies is acquired by contract lifecycle management leader Sirion IDP vendor Eigen Technologies has announced that it has been acquired by Sirion, a leader in AI-native contract lifecycle management (CLM) software. With the acquisition of the IDP vendor, Sirion anticipates accelerating its shift from contract intelligence to full document intelligence, allowing the company to expand the range of technologies and capabilities it offers to its FSI customers. Ajay Agrawal, Founder and CEO of Sirion, further explained: “We are excited to welcome Eigen to Sirion. We have been at the forefront of teaching computers how to read contracts the way lawyers do. This combination of Sirion with the Document AI and IDP platform built by Dr. Lewis Liu and his Eigen team creates the world’s largest labelled contract dataset and allows us to extract valuable insights from a wide range of commercial documents adjacent to contract – such as invoices, purchase orders and performance reports – and drive deeper value realization for the business.” Dr Lewis Z. Liu, Founder and CEO of Eigen Technologies, commented: “Unstructured data, specifically billions of documents and contracts that sit in enterprises, is one of the biggest problems that face businesses today. By combining Eigen’s best in class Document AI and AI governance with Sirion’s category leading CLM and document workflow capabilities, we are creating an unstoppable natural leader in the contract and document AI world. At Eigen, we pioneered large scale data extraction for complex documents and created the world’s most trusted Document AI engine. Our engineers and data scientists are some of the best in the world in bringing AI into production for large enterprises. Eigen, when integrated with Sirion’s platform, will change the enterprise data landscape as we know it, for the better. I’m excited to be joining Ajay on the Sirion journey and deeply believe we will solve the unstructured data problem when no one else has.”
Hyperscience unveils Hypercell for GenAI to drive automation IDP provider Hyperscience has unveiled Hypercell for GenAI, its latest solution that transforms complex documents into Large Language Model (LLM) and Retrieval Augmented Generation (RAG)-ready data. Hypercell for GenAI automatically annotates, labels, and structures data from documents for fine-tuning LLMs and GenAI experiences, which enables organizations to quickly and continuously develop accurate enterprise models. Andrew Joiner, CEO of Hyperscience, explained: “The success or failure of any AI initiative starts with the data that feeds the models. Too often, models are built on faulty and incomplete data, and inefficient manual methods and legacy technologies struggle to keep pace with the dynamic flow of documents that course through organizations every day. Today, Hyperscience provides a breakthrough to this challenge by allowing organizations to establish an accurate data estate that trains LLMs to speak the language of their business, and empowers users with relevant, in-context GenAI experiences that align with their business processes and use cases.” In addition, Hyperscience has announced that it continues to experience robust demand, with the largest Q1 new bookings and net new Annual Recurring Revenue (ARR) in the company’s history, resulting in strong year-over-year ARR growth.
Instabase introduces AI Hub Chatbots to empower teams with instant information IDP vendor Instabase has introduced AI Hub Chatbots that transform unstructured knowledge into interactive tools that provide users with immediate insights and thus increase efficiency. A practical application of an Instabase AI Hub Chatbot is, for instance, in insurance underwriting, to simple query “Which materials are allowed in earthquake zones” while reviewing a property.
Quantiphi’s IDP solution Dociphi now available on Snowflake Marketplace AI-first digital engineering company Quantiphi has announced that Dociphi, its Intelligent Document Processing solution, is now available on Snowflake Marketplace. Arunima Gautam, Quantiphi’s Product Owner for Dociphi, commented: “Dociphi’s document extraction models, which are patent-pending and award-winning, are modernizing the once-document-heavy business workloads and driving unprecedented operational efficiencies.”
Xen.AI’s IDP solution now available on Microsoft Azure Marketplace IDP provider Xen.AI has announced that its IDP solution is now available on the Microsoft Azure Marketplace. This extends Xen.AI’s platform availability through a trusted cloud partner and Azure’s robust cloud infrastructure, enabling the IDP provider to deliver secure and efficient solutions to its clients.
IDP Community launches new Intelligent Document Processing Vendor Directory (self-promotion) IDP Community, a platform that unites document automation professionals, has announced the launch of its new Intelligent Document Processing vendor directory. This allows IDP vendors to be better categorized and easier to find for decision makers looking for an IDP solution for their organization. With a Gold membership, IDP providers also have the opportunity to upload their marketing materials such as case studies, brochures, slideshows, recognition badges and videos to actively promote themselves.
📄Whitepaper:
OCR Benchmark – Performance Insights: Navigating the Landscape of OCR Engines – A Comparative Analysis IDP vendor Planet AI has published its latest OCR (Optical Character Recognition) benchmark. This whitepaper is intended to serve as a benchmark for comparing commercial and open-source OCR engines on the market. In it, Planet AI has compared a range of OCR technologies – from open-source solutions (easyOCR, MMOCR, PaddleOCR, Tesseract) to commercial engines (Amazon, Azure, Google, Planet AI’s IDA) and OpenAI’s visually-based GPT4 Vision Preview. Planet AI’s Intelligent Document Analysis (IDA) stands out with the lowest Character Error Rate (CER). Together with the whitepaper, Planet AI also provides access to the data set of 200 documents used for the benchmark.
💡Opinion:
Unlocking the Full Potential of Document Understanding Read the latest opinion piece by Bastiaan de Goei, Director of Growth Marketing at IDP vendor Instabase, to find out more about what a comprehensive solution for enterprises should look like to overcome the usual limitations of large language models (LLMs).
🎥Upcoming Webinars:
June 12, 2024: How BPOs achieve seamless scalability in document processing Register for this webinar hosted by ScaleHub, the managed crowdsourcing service for automated document processing, to learn how BPOs can scale their operations without the headaches of traditional expansion methods. In addition, attendees will learn about strategies to grow your business, grow their client base and diversify their services without having to deplete internal resources.
June 26, 2024: Capture & IDP Conference Analyst firm Infosource has announced that its annual Capture & IDP Conference will go virtual for the first time, replacing the annual in-person event with a series of webinars. Over the next year, Infosource will host six webinars modeled after the traditional conference sessions. Register for the first webinar where Infosource will provide a review of its recently released 2024 Capture & IDP Vendor Matrix Report.
June 28, 2024: Human (Sometimes) in the Loop: The Future of AI Collaboration Register for this webinar from IDP vendor Cognaize and learn how hybrid intelligence empowers financial experts with AI insights to make better decisions and refined analysis in the financial industry.
📆Upcoming Events (mostly in-person):
June 23-25, 2024: Intelligent Automation Summit Europe in Berlin, Germany This event will focus on providing insights into new tech innovations and discussing the business benefits of intelligent automation, AI and its impact on business strategies.
June 24-26, 2024: Intelligent Automation Week in Dallas, US This event will provide insights into the latest intelligent automation trends for business growth in 2024, including GenAI, automation, cost reduction, and improved experiences.
📌Find more upcoming events in the Intelligent Document Processing space here.
See you next week!
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