2024 is over – can you believe it?! This means that instead of our usual IDP News Weekly Recap, we’re taking one final look back at the past six months (the Mid-Year Recap covering the first six months of the year can be found here) in the Intelligent Document Processing (IDP) space to wrap things up.
Let’s jump right in:
Summer kicked off with a new IDP market entrant reaching its first milestone and the announcement of new partnerships:
The second half of 2024 began with the announcement of the first milestone of Duco – an enterprise data automation platform that acquired Belgian IDP vendor Metamaze in February to create a one-stop AI platform for all types of data from all types of documents: The launch of its end-to-end reconciliation capability for unstructured data. Meanwhile, Instabase launched AI Hub Search, the latest feature to provide users with actionable insights across all enterprise data and systems, and also announced the appointment of Howard Levenson as a new Federal Advisor on the company’s advisory board. Elsewhere, ABBYY and Reveille Software announced a partnership to enhance ABBYY FlexiCapture. By integrating Reveille Software’s monitoring capabilities, ABBYY IDP users can achieve faster onboarding, zero-touch processing, lower costs and greater visibility into their processes.
ibml announced a significant enhancement to its cloud capture platform by integrating GenAI and LLMs. Elsewhere, Rossum partnered with financial advisory firm 8Quanta. This partnership combined Rossum’s IDP expertise with 8Quanta’s NetSuite implementation capabilities to streamline invoice and purchase order processing, reduce manual errors and allow finance teams to focus on growth-enhancing strategies.
Leadership appointments, secured investments and the acquisition of two IDP vendors dominated the news in August:
In August, ProcessMaker announced the appointment of Krishna Vallabhaneni as Chief Financial Officer, leveraging his 15 years of experience in high-growth technology sectors to further accelerate the company’s financial growth. Then the first of two acquisitions in August in the IDP market was announced: Kodak Alaris was acquired by private equity firm Kingswood Capital Management. Shortly after, Box announced the acquisition of Alphamoon, a Polish IDP vendor, to enhance its Box AI platform. This move aimed to transform enterprise content management by automating document tasks and extracting metadata across industries, and marked an important milestone in Box’s mission to redefine content workflows.
Meanwhile, Cogniquest secured an investment from early-stage FinTech VC fund Cedar-IBSi Capital with participation from over 25 angel investors via AngelList India and Cogniphy AIF. And Infrrd secured a strategic investment from Riverside Acceleration Capital (RAC) to scale its IDP solutions. RAC highlighted the impressive growth and potential of Infrrd’s technology to drive global productivity and accuracy in data processing. HCLTech followed with the announcement of the appointment of Shiv Walia as its new Chief Financial Officer to guide the company’s financial strategies and support its growth trajectory. Later in August, Hyperscience named JJ Trahan as Executive Vice President of Global Revenue, bringing in “the ideal leader to help scale the company’s Go-To-Market engine and continue its growth trajectory”. Meanwhile, Skilja released new classification and extraction features. Datamatics capped August by unveiling its partnership with Microsoft to create Copilot solutions for process automation.
Early Fall brought platform improvements, more partnerships – and the acquisition of another IDP vendor:
Beginning of September, Rossum introduced its e-invoicing Germany plugin to help enterprises comply with the 2025 mandate. This plugin integrates seamlessly with Rossum’s platform, delivering standardized and compliant accounts payable processes. BIS launched GrooperAI, the latest version of its intelligent automation software. With features like AI-powered search, no-code LLM integration, and scalable automation, GrooperAI simplifies data extraction and normalization, offering organizations a user-friendly way to modernize their workflows without disrupting existing processes. IDP provider KnowledgeLake announced the launch of Synthetic Labor, its unified, scalable AI-powered platform that combines Intelligent Document Processing, workflow automation, RPA and content management.
Meanwhile, Extract Systems announced its acquisition by Vyne Medical. This strategic move aimed to enhance healthcare automation by integrating Extract Systems’ advanced data extraction capabilities into Vyne Medical’s platform, simplifying data workflows in healthcare environments and improving patient and provider experiences. Hyperscience unveiled the latest version of its IDP platform, Hyperscience Hypercell R40. This release introduced advanced deep learning models for extracting data from long and complex documents, enhancing automation for enterprise use cases while strengthening compliance and security features.
Elsewhere, AntWorks relocated its headquarters to London to bring the company closer to key markets in Europe and the US. DeepOpinion, an Austrian IDP provider, closed an €11 million Series A funding round. With co-lead investors Red River West and Alpha Intelligence Capital, the company planned to expand globally, advance its core AI platform, and develop enterprise automation with AI agents. In tandem with this funding, DeepOpinion bolstered its leadership team with key hires to drive growth in EMEA, the US, UK, Ireland, and global partnerships.
A new CEO for an IDP vendor, another relocation and four IDP vendors made it onto the InsurTech100 list in October:
On October 1, 2024, ExB saw a change in leadership: Tobias Brix was appointed CEO, while founder Dr. Ramin Assadollahi took on the role of Chairman of the Board. With his background in scaling SaaS businesses, Brix aims to lead ExB into its next phase of growth. Dr. Ramin Assadollahi saw this leadership transition as a natural progression to strengthen ExB’s established position in solving customer challenges with its flexible AI-driven solutions.
ABBYY announced the relocation of its global headquarters from Milpitas, California to Austin, Texas as part of a broader transformation. ABBYY also announced the appointment of Roman Kilun as Chief Compliance Officer and the appointment of Hopeful Owitti as Vice President of Customer Experience and Nick Hyatt as Vice President of Engineering. At the same time, DOConvert announced its latest release, V2.1-4-Omer, which included automatic classification of every document entering the platform, intelligent document search, intelligent splitting of documents and email notifications of document errors.
Elsewhere, IDP vendor Indico Data took a targeted approach to the insurance industry with the formation of an Insurance Industry Advisor Network, consisting of eight veterans. This initiative, alongside the appointment of David Laker as a board observer following Guidewire’s equity investment, positioned Indico Data to enhance its AI-powered offerings for the commercial insurance sector.
The InsurTech100 2024, list published by FinTech Global, spotlighted four IDP providers — Appian, Cortical.io, expert.ai, and Quantiphi – as leaders in innovation within the insurance sector, recognizing their transformative use of technology to address industry challenges. Shortly after, Rossum deepened its footprint in process optimization by partnering with KPMG Netherlands, combining Rossum’s IDP capabilities with KPMG’s expertise to automate document workflows in sectors such as consumer goods and retail.
Around that time, Indico Data launched its Agentic AI decisioning solution for commercial insurance, offering streamlined underwriting triage and clearance by automating unstructured submission data processing and improving risk selection. Meanwhile, three IDP provider – Hyperscience, Rossum and UiPath – were honored with the 2024 Deep Analysis Innovation Award. Later in October, Rossum introduced Aurora 1.5, an advanced version of its AI engine, with instant learning for 276 languages, handwriting support, and quadrupled processing speed for lengthy documents. This release also unveiled Copilot, enabling natural language-driven data transformations to simplify enterprise automation.
2024 concluded with the induction of an IDP vendor into nasscom’s DeepTech Club, the announcement of more partnerships, platform enhancements and an award:
In late November, Datamatics appointed Ankush Akar as SVP and CFO to lead strategic financial initiatives, and leverage his extensive experience in finance and operations. Adlib Software unveiled its latest release to help organizations streamline compliance and get valuable insights from unstructured data. Around the same time, IDP vendor Cogniquest celebrated its induction into nasscom’s DeepTech Club, marking it as one of India’s top deep tech innovators. Cogniquest’s proprietary AI platform for document intelligence was praised for its context-aware, narrow AI capabilities. This recognition followed the addition of two seasoned advisors to its board.
In December, DOConvert joined forces with Priority Software to automate and accelerate document processing, while Ondox released Version 5.3 of its AI-driven digital mailroom solution. Meanwhile, ABBYY announced a partnership with IBM watsonx.ai to integrate ABBYY Vantage with IBM’s AI platform to combine NLP, computer vision, and machine learning. Elsewhere, Cognaize was named a finalist for “Best Use of AI in Financial Services” at the FStech Awards. AIDA announced the release of AIDA 13, with the introduction of AIDA Hub, a feature designed to centralize and simplify the entire document lifecycle, and Konfuzio released the latest version of the Konfuzio Server with advanced AI capabilities. Last but not least, Kodak Alaris capped off the year by winning the 2024 Digital Innovator Award from Intellyx as “one of the most disruptive and innovative firms in their space”.
We wish you and your loved ones a Happy New Year 2025, thank you for reading and being part of IDP Community, and see you next week!
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