Uses artificial intelligence to extract data from common business documents, improving data accuracy, saving time, and building wealth of actionable intelligence
SAN MATEO, Calif., April 5, 2022 – Veryfi, using artificial intelligence (AI) technology to transform documents into structured data in just seconds, announced that the company more than tripled revenues in 2021, with strong interest from companies of all sizes expected to fuel continued best-in-class growth in 2022.
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 technology, trained by millions of documents over the past 4 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, etc., which can then be accessed for a wide variety of business applications.
“Just about every company across every industry can benefit from fast, accurate and secure Intelligent Document Processing that transforms documents into structured data while improving accuracy by 27% versus manual entry,” said Ernest Semerda, co-founder and CEO, Veryfi. “With time savings of at least 10 minutes per document, potentially adding up to millions of dollars per organization, the business value enabled by our AI-based technology has massive potential.”
Veryfi customers include a top customer relationship management (CRM) software vendor, a leading home supply retailer, two of the top six U.S. financial technology (fintech) companies, and one of the world’s largest auto manufacturers and top three truck manufacturer.
Accomplishments in the past year include:
- $12 million Series A funding announced on April 26, 2021.
- Annual Recurring Revenue (ARR) grew 3.5 times year-over-year in 2021. The company added over 100 customers during that time.
- The Veryfi OCR API (optical character recognition application programming interface) platform saw quarterly transaction volumes grow by 1100% year over year, doubling each quarter throughout 2021.
- Expansion of the leadership team with additions of Frank Kopas, chief revenue officer, formerly with Moovit which was acquired by Intel, and David Van Everen, vice president of marketing, previously with StackRox that was acquired by Red Hat.
Veryfi was founded by Ernest Semerda and Dmitry Birulia in 2016 and is part of the YCombinator 2017 cohort. From its inception, the company vision has been to use AI to eliminate manual data entry. The team worked over three years on an expense management application for consumers and small- to medium-size businesses to collect millions of receipts and invoices which were used to train the AI/ML (machine learning) models in the Veryfi OCR API platform and Veryfi Lens Mobile Capture SDK (software development kit), recognizing that the most successful implementations of AI are based on the largest training data.
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.
Joseph Eckert for Veryfi