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:
Cogniquest secures an investment from early-stage FinTech VC fund Cedar-IBSi Capital as well as participation from over 25 angels via AngelList India and Cogniphy AIF
IDP vendor Cogniquest has announced that it has secured its first investment from Cedar-IBSi Capital, an early-stage FinTech VC fund, along with more than 25 industry leaders as angel investors through AngelList India. Cogniquest will use the funds to strengthen its team, expand use cases, and develop deep vertical solutions for global enterprises. Satish Grampurohit, Co-Founder and CEO of Cogniquest, explained: “After a fulfilling 26-year journey at Infosys, I joined hands with my co-founders to launch Cogniquest, aiming to revolutionize the document intelligence space. Building a hyperintelligent platform like Cogniquest requires a rare combination of deep industry insights, and expertise in AI, ML, and computational linguistics, which my co-founders Girish, Harsha, Thejaswi, and Nathaniel bring. We have managed to build an enterprise-grade platform being bootstrapped for over 2 years. With growing customer traction and business visibility, we decided to seek external funding from a strategic investor to accelerate our growth. Cedar IBSi Capital, known for its consulting, research, and investment expertise, was a natural choice. Securing seed funding from Cedar IBSI Capital and esteemed angel investors marks a significant milestone in our journey. We are grateful to the angel investors, Cedar IBSi Capital, AngelList India and Cogniphy AIF for their belief in us. We will strive to uphold their trust and deliver substantial value. Fueled by enthusiastic responses from clients and partners, we are excited about the opportunity to build a globally renowned enterprise tech SaaS platform from India.”
Kodak Alaris is acquired by private equity firm Kingswood Capital Management
Information capture and IDP solutions provider Kodak Alaris has announced that the company has been acquired by private equity firm Kingswood Capital Management. The investment by Kingswood, which acquired the company from the UK Pension Protection Fund (PFF), follows the strong growth and performance of Kodak Alaris through its two divisions, Kodak Moments and Kodak Alaris Business Unit. Alex Wolf, Managing Partner of Kingswood, explained: “At Kingswood, our goal is to help companies reach their full potential by providing capital, bolstering its operations, and identifying avenues to achieve growth. We are excited to help continue Kodak Alaris’ strong recent performance and momentum.” In a joint statement, Nicki Zongrone, President of Kodak Moments and John Blake, President of Kodak Alaris Business Unit, commented: “The investment by Kingswood Capital is a clear endorsement of the enduring value of our offerings and a testament to our team’s hard work. We are delighted to have secured the backing of new owners who share our vision for the future of our business. We look forward to starting this new chapter guided by Kingswood’s robust operational expertise.”
ABBYY expands in India with a new Research and Development center and a new Center of Excellence
Intelligent automation company ABBYY has announced the opening of a new Research and Development (R&D) center located in Bengaluru and a new Center of Excellence (CoE) located in New Delhi. With the expansion in India, ABBYY aims to enhance its capabilities to deliver localized solutions and drive success for partners and customers worldwide. Yathiraj Shetty Kasargod, ABBYY’s newly appointed Director of Product Operations for ABBYY India, will lead the opening of the offices. Yathiraj Shetty Kasargod commented: “It is a pleasure to join ABBYY and spearhead the expansion in India to enhance and diversify our capabilities. I look forward to working with the global ABBYY team to meet customers where they do business.”
Hyperscience announces that the United States Social Security Administration (SSA) is leveraging its intelligent automation services to transform document processing
IDP vendor Hyperscience has announced that the United States Social Security Administration (SSA) has awarded the company a significant contract to modernize its processes and improve service delivery to millions of Americans. Through this contract, Hyperscience – together with Accenture – will deliver end-to-end back-office intelligent automation services to transform the processing of 250 million retiree and survivors’ benefits documents annually.
Tungsten Automation introduces InvoiceAgility
IDP provider Tungsten Automation has announced the launch of InvoiceAgility, an integrated capture and e-Invoicing Network solution that simplifies accounts payable processes, eliminates friction and improves financial processes through AI-powered workflow automation. Emily Nash-Walker, Head of Invoice Automation Management and Strategy at Tungsten Automation, explained: “As the financial landscape continues to evolve with global supply chains and changing regulatory requirements, we focus on providing solutions that deliver tangible value to meet the ever increasing demands of modern businesses. Our integrated accounts payable solution – InvoiceAgility – raises the bar for automating such workflows globally.”
Gradient AI raises $56.1 million in Series C funding round
Insurance AI solutions provider Gradient AI has announced that it has raised $56.1 million in a Series C funding round led by private equity firm Centana Growth Partners, with participation from existing investors MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures. Gradient AI will use the new funding to drive product development, further improve innovation and efficiency in the insurance industry, and further strengthen customer success and sales capabilities. Stan Smith, CEO of Gradient AI, commented: “While we are gratified to secure this significant investment from both Centana and our existing investors, this is just the first step. Now it’s up to us to use this funding wisely, enhancing our platform and delivering unparalleled value to our customers. Insurers are becoming increasingly sophisticated in their risk assessment and are focused on improving their operational efficiencies. We are helping them achieve these goals by automating processes, reducing costs, and significantly improving results.”
📖 Ebook:
From abstract to reality: how to integrate AI into your workflows
Read this guide from IDP vendor Alkymi for an overview of how organizations can integrate AI and achieve measurable results without the need for a data science team or a full strategic plan for AI.
💡Opinion:
Follow These Five Intelligent Information Management (IIM) Best Practices for Digital Transformation Success
Read the latest opinion piece by Brian DeWyer, CTO and Co-Founder of Reveille Software, a provider of management and monitoring solutions for Intelligent Process Automation-based applications, as he shares five Intelligent Information Management best practices that organizations can adopt for a successful digital transformation.
🎥Upcoming Webinar:
August 7, 2024, 11 am EST: Level Up Your P2P Game: Streamlining Procurement with Generative Al From Source to Pay
Register for this webinar hosted by IDP vendor Datamatics to gain insight into strategies for using procure-to-pay software to streamline purchase requests and payments and ensure that transactions with suppliers are efficient and timely.
📌Find more upcoming events and webinars in the Intelligent Document Processing space here.
Thanks for reading and see you next week!
📨Get IDP industry news, distilled into 5 minutes or less, once a week. Delivered straight to your inbox ↓
