2023 has come to an end, and instead of our usual IDP News Weekly Recap, we’re taking one final look back at the last six months (you can find the recap of the first half of 2023 here) in the Intelligent Document Processing (IDP) space to wrap things up.
Let’s jump right in:
The warm weather favored new partnerships, a funding round, IDP platform enhancements, compliance certifications and more:
Cognaize closed an $18 million Series A funding round led by Argonautic Ventures with participation from Metaplanet and several other investors. With this Series A funding, Cognaize sought to accelerate research and product development, and marketing and sales capabilities to meet the global demand for its AI solutions. Meanwhile, Konfuzio entered into a strategic partnership with professional information services company Wolters Kluwer to improve the efficiency of administrative processes in communities, cities and counties. Automation Hero introduced document forgery detection capabilities for its IDP platform, leveraging a variety of AI techniques to mitigate fraud risks.
In August, expert.ai expanded the capabilities of its enterprise AI platform, resulting in greater security and flexibility when creating or enhancing AI-powered natural language solutions. Kanverse.ai launched the Moonstone release of its Intelligent Document Processing platform which brought new features including the integration of its patented multi-stage AI engine with OpenAI, an accounts payable dashboard that highlights accounts payable metrics and benchmarks, an accounts payable vendor portal for vendor onboarding and payment tracking, non-purchase order based invoice automation, and intelligent workflows to automate vendor payments. In the meantime, HuLoop Automation announced that Vibranium Venture Capital invested in the company, and Kodak Alaris formed a dedicated business solutions organization to support the company’s goal to accelerate growth within its IDP offerings.
Also in August, several IDP vendors received various important certifications: Eigen Technologies achieved SOC2 Type 1 and HIPAA compliance, RaccoonDoc achieved ISO 27001 certification, Hyperscience received SOC 2 certification for its enterprise AI software infrastructure platform, and ancora Software received SOC 2 Type 2 certification for its IDP solutions.
natif.ai entered into a partnership with software platform d.velop to help companies digitize and automate their specific document processes, and Ocrolus introduced Instant, a machine-only offering within its document automation solution that helps small business lenders save time and money with an all-in-one solution. August ended with Rossum announcing announcement the hiring of Andrew Fullerton as new Chief Sales Officer to lead the company’s global sales efforts.
The fall brought an expansion into the US market, acquisitions and further Generative AI integrations:
In early fall, the relatively “young” IDP vendor DOConvert (founded in 2021 in Tel Aviv, Israel) announced its expansion into the US market, while another IDP vendor, Infinia ML, announced that it has been acquired by Aspirion, healthcare revenue cycle management provider, where it would serve as Aspirion’s research and development engine and focus on pioneering AI capabilities to improve the financial performance of healthcare providers.
Automation Anywhere expanded its Automation Success Platform with enhanced capabilities for Document Automation (its IDP solution) to leverage Generative AI for faster data understanding, extraction and summarization. In its InsurTech100, FinTech Global recognized the most innovative InsurTech companies, including four IDP providers Appian, Cortical.io, expert.ai and Instabase. PLANET AI announced that IT provider Bechtle acquired a 51% stake in the company (with a call option to acquire the remaining 49%). The goal was to combine Bechtle’s extensive marketing capabilities with PLANET AI’s research to strengthen the AI ecosystem in Europe and take a leading role in future innovations. Another vendor that integrated Generative AI into its IDP solution was AntWorks in October, while Straive acquired AI company Metonymize to expand its capabilities in providing core AI solutions to its customers.
More partnerships, platform launches, certifications and IDP reports in late fall and early winter:
In late fall, Parashift partnered with Faigle, a business process digitization specialist, so Faigle could install, configure and sell Parashift’s IDP solution. TCG Process launched the latest version of DocProStar, its flagship product to accelerate document-centric processes. The fall also saw the release of reports, including HFS Horizons: Intelligent Document Processing Products, 2023 by HFS Research, which evaluated 26 IDP vendors, and IDC’s first ever MarketScape: Worldwide Intelligent Document Processing Software 2023-2024 Vendor Assessment report, which analyzed 28 IDP vendors.
Two more IDP vendors announced platform updates: WorkFusion launched Work.AI which combined AI and Machine Learning with IDP and RPA into one no-code platform, and Eigen Technologies launched Eigen 6 with the Generative Insights feature, which combined the power of Large Language Models with Eigen Technologies’ core data extraction capabilities. Furthermore, Datamatics launched TruCap+ Marketplace and continued to simplify and accelerate IDP for its TruCap+ customers with more than 50 ready-to-use document frameworks for enterprise automation.
2023 ended with awards and more platform releases:
In December, Automation Hero was honored twice: The IDP vendor won the Intellyx Winter 2023 Digital Innovation Award and was recognized as one of the “Top 100 Next Generation Companies” by World Future Awards. In addition, Instabase introduced its multistep reasoning model with enhanced conversational AI capabilities, launched its conversational AI for cross-document reasoning and also partnered with Skan. Nuvento became a Microsoft Azure Data & AI Solutions Partner. The year ended with more platform releases: Technology & Cognition LAB announced the release of AIDA 12, the latest version of its IDP solution, Kanverse.ai launched the Nephrite release of its IDP platform, Konfuzio introduced new intuitive and customizable AI solutions, and Graip.AI also announced new platform features.
We look forward to a great 2024 and fruitful collaborations with you!
Happy New Year and see you next week!
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