Irvine-based software company Ephesoft Inc., which focuses on document processing, automation and data enrichment offerings, has ratcheted up the ability to pull information from all sorts of documents, allowing companies to retrieve data and information much more quickly.
The company’s just-introduced new offering—Transact 2022.1 presented last week—includes the ability to handle what it calls “unknown documents,” thanks to its artificial intelligence and deep learning neural network technology, according to the company.
“AI will look at the documents the way humans do,” CEO and founder Ike Kavas told the Business Journal. “We build up AI that can read the document as if the humans are reading the document.”
Pricing for the product, expected to be put in use by government agencies, banks and insurance companies, among others, wasn’t disclosed.
The development features what Ephesoft calls the new Semantik AI Engine.
About 90% of the documents handled by Ephesoft for customers are actually PDFs or other digital files.
“The AI engine, the machine can actually say, ‘oh, here is the Social Security number, here is the address of the lease, here’s the license plate of the claim being processed for insurance companies.’
“If a company is receiving lots of PDF files or paper files, we can ingest those documents for them and nobody has to look at those documents to type them into their system,” Kavas told the Business Journal on April 28.
For example, with Transact 2022.1, a user can upload batches of different document types such as shipping documents, receipts and PO boxes and the data can be extracted instantly, without the need for extra setup time or configuration.
About 10% of the documents Ephesoft handles for customers are old-fashioned paper copies, according to Kavas.
He said the Internal Revenue Service is one example of a government agency that still relies heavily on paper.
The CEO says there is often “a pile of documents that are sitting there for companies not being able to use them.”
“I think it’s a game changer for our customers,” he said of the company’s latest product.
Transact can perform “data mining” on documents that wasn’t possible in the past, according to Ephesoft.
He said Ephesoft’s business with the federal government has grown “tremendously,” as has company business in general.
“We continue to grow 30%-plus year-over- year,” he said. “We’ve been able to invest a lot in the AI technologies.”
More investments are in store: Ephesoft plans to raise $50 million in the second half of the year.
“We will definitely continue to expand,” the CEO said. “We are in the process of fund-raising for our Series C.”
Kavas declines to release revenue figures but says the company aims for $100 million in ARR—annual recurring revenue—within three to four years. ARR is a measure of subscription-based revenue.
He foresees the next growth spurt happening in North America and Europe.
Company competitors including Kofax of Irvine—which late last month announced a change in private equity owners—and Hyperscience of New York.
Ephesoft offices include Europe and Asia Pacific, in addition to the U.S.