AI-based technology for digitizing documents aids companies in digital transformation
SAN MATEO, Calif.–(BUSINESS WIRE)–Veryfi, using artificial intelligence (AI) technology to transform documents into structured data in just seconds, today announced adding over 30 customers while achieving its revenue goal in the first quarter, plus a partner agreement with Menocarta providing the consulting and services firm with resell rights for Veryfi software in Italy.
The company tripled revenues in 2021 and continues its strong growth momentum this year. Veryfi’s technology enables organizations to capture, extract and transform documents such as receipts, invoices, purchase orders, checks, credit cards, and W-2s into structured data, at scale. Veryfi uses advanced AI/ML (machine learning) technology, trained by millions of documents over the past four years, extracts data and transforms it into a structured format for 85 currencies, 39 languages, and 90 defined fields such as total, tax, VAT, SKU, vendor, invoice number, and more, which can then be accessed for a wide variety of business applications.
“This agreement with Menocarta highlights the value that our Intelligent Document Processing technology can have on companies’ digital transformation initiatives,” said Frank Kopas, chief revenue officer, Veryfi. “With our technology in their solution portfolio, Menocarta will be able to help their clients accelerate digital transformation, improve automation, and increase operational efficiency for their back office processes.”
Menocarta is an open innovation network, mainly active in Italy and Europe, combining skills in technology and RegTech with industry-specific expertise and methodologies to enable digital transformation for its clients.
“By automating and digitizing documents, we are able to save our clients enormous amounts of time versus manual processes, plus the automation is much more accurate than what humans can achieve,” said Stefano Nalesso Ercolin, CEO, Menocarta. “Once that data is digitized and put in a structured format, we are able to make it actionable for analysis and reporting, which can then truly have an impact on our client’s business that just wasn’t possible before.”
To see the Veryfi Intelligent Document Processing technology, visit the interactive web demo page.
Veryfi empowers organizations to capture, extract and transform unstructured documents such as receipts, invoices, purchase orders, checks, credit cards, and W-2s into structured data at scale. The company’s technology reduces or eliminates manual data entry and unlocks valuable business intelligence in seconds. Trusted by enterprises and software companies alike, Veryfi’s AI-based platform delivers fast, accurate, and secure data to hundreds of companies globally. Learn more at www.veryfi.com.
“Innovating is not buying technology” is the assumption that encapsulates the founding values of the network, which aims to stimulate companies to understand the competitive advantage that innovation can generate within their business by supporting them in achieving it, from the initial analysis phase to the realization of the project.
Active mainly in Italy, but with a European outlook and a desire to grow and invest in projects of international scope. For further information, please visit: www.menocarta.net
Joseph Eckert for Veryfi