In this section, we cover news, insights and trivia about Intelligent Document Processing (IDP), share interesting articles, podcasts, reports and more.
What we cover in this week’s recap:
News:
Planet AI announces that Bechtle has acquired a majority stake in the company IDP vendor Planet AI has announced that IT provider Bechtle has acquired a 51% stake in its company, with a call option to acquire the remaining 49%. Financial terms of the deal were not disclosed. With the majority stake, Bechtle aims to combine its extensive marketing capabilities with the AI research of Planet AI to strengthen the AI ecosystem in Europe and take a leading role in future innovations. Planet AI’s leadership team remains on board, with the only major change being that Jesper Kleinjohann, previously Planet AI’s Chief Operating Officer, will take over the position as Chief Executive Officer from Hagen Wustlich, who is moving to the company’s Advisory Board. Jesper Kleinjohann, Planet AI’s new CEO, explained: “We knew that our developments are top notch but we were short a partner who could accelerate our growth with broad market access and is able to deploy our solutions at scale. Bechtle has both these things, and a determination to tap into the enormous capabilities of AI for business.”
CB Insights publishes Fintech 100 list, with Cognaize and Vic.ai also including two IDP providers Market intelligence platform CB Insights has revealed its 2023 Fintech 100 list, showcasing the most promising private fintech companies. Among them are also two Intelligent Document Processing providers: Cognaize made the list in the ‘financial services automation’ category and Vic.ai in the ‘accounting & finance’ category. Al Eisaian, CEO of Cognaize, commented: “It is an honor for Cognaize to be selected as one the of 100 most promising private fintech companies in the world by CB Insights as it is further validation of the enormous value we are providing to financial organizations with our AI-powered IDP solutions. Together with our founder Vahe Andonians and the entire Cognaize team, we will continue to push the barriers of AI innovation while ensuring we put human and machine collaboration at the center of all of our work – what we call hybrid intelligence – in order to capitalize on the promise of AI for all financial services organizations.” Alexander Hagerup, CEO of Vic.ai, said: “We’re so proud of these wins, which emphasize the industry’s understanding of the power and potential of AI to digitally transform finance operations. We’re excited to continue bringing products to market that help enterprises increase productivity, save costs, and make finance decisions based on intelligent insights and data. With our AI behind them, they are prepared to navigate their own growth journey with more confidence and precision.” You can find the full Fintech 100 list here.
TachyHealth and Galala University collaborate to advance innovation in the healthcare industry Healthcare technology company TachyHealth has announced a partnership with Galala University, a National Egyptian university. Together, they aim to foster innovation in the healthcare industry through the Healthcare Innovation Hub (HAI) Research, bringing together professionals, students, and researchers. TachyHealth wrote: “We are excited about the partnership and we aim to make a lasting impact on the healthcare industry, creating a future where technology and innovation transform the way we deliver healthcare services.”
Instabase and Resistant AI partner to combat document fraud IDP vendor Instabase has announced a partnership with Resistant AI, a provider of AI technology to combat financial crime and fraud. Together, they aim to addresses the growing demand for enhanced security measures in fraud-prone document processing workflows. To that end, the two companies will offer Resistant AI’s Document Forensics to financial services firms to authenticate digital Know Your Customer (KYC) documents submitted through Instabase’s AI Hub platform, which processes a large amount of unstructured data to automate end-to-end workflows. Joe Ramieri, VP of GTM at Instabase, said: “Given the ethos of innovation that both Resistant AI and Instabase have built on, our customers can now leverage an additional layer of protection by validating document authenticity, and be armed with the right integrated toolkit to stay ahead of the rapidly evolving financial crime landscape.”
WorkFusion launches new AI Digital Worker to fight financial crime IDP provider WorkFusion has launched Isaac, its latest AI Digital Worker, which uses machine learning to help manage transaction monitoring alerts. Transaction monitoring is required for anti-money laundering/countering the financing of terrorism (AML/CFT) programs and is a critical tool in the fight against financial crime.
UiPath with two new partnerships: one with Apprio and one with Teradata Enterprise automation software company UiPath has announced two new partnerships. The first is an expanded partnership with Apprio, a provider of specialized technology and service solutions for hospitals and health systems. This partnership aims to help healthcare customers develop a modern vision of traditional revenue cycle management services. The second partnership, with Teradata, enables organizations to seamlessly and securely automate complex data applications to drive data-driven insights for ESG initiatives.
ABBYY appoints Country Manager to drive growth strategy in Japan Intelligent automation provider ABBYY has announced the appointment of Tomohito Shimizu as its new Country Manager. He will lead the company’s growth strategy in Japan, as Neil Murphy, Chief Sales Officer at ABBYY, pointed out: “The APAC region is demonstrating significant growth for the use of AI in automation and specifically for AI OCR and process mining, and presents great opportunity for ABBYY.” Prior to joining ABBYY, Tomohito Shimizu spent over three decades at Ricoh, where he was responsible for developing corporate strategy and leading the software development team.
ancora Software adds 91 new customers in Q3 IDP provider ancora Software has reported ongoing growth in the third quarter of 2023, marked by 91 new customers, 53 of which were acquired in September alone. In April, the IDP provider reached a milestone with the signing of its 1,000th customer.
Amazon Textract launches new Layout feature Cloud computing platform provider Amazon Web Services (AWS) has announced that it has launched a new Layout feature for Amazon Textract, its machine learning (ML) service. The Layout feature enables customers to extract layout elements such as paragraphs, titles, lists, headers, footers, and more from documents, reducing the need to develop and maintain complex post-processing code. The feature has already been trained for a variety of documents in financial services, legal, insurance, medical, media, and other industries.
Cogent Labs receives investment form NTT Finance (JP only) IDP vendor Cogent Labs has announced that it has received an investment from NTT Finance. With this, Cogent Labs aims to further advance the commercialization of AI and its digital transformation business, and offer new services using Natural Language Processing (NLP) with Large Language Models (LLM) in the future.
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