AI-powered doc processing platform Mindee lands $14M

Doc processing automation startup Mindee right now emerged from stealth with $14 million in collection A funding led by GGV Capital, with participation from Alven, Serena Capital, and Bpifrance by its Digital Enterprise fund. The corporate plans to make use of the funding to develop its presence within the U.S. and Europe and additional develop its machine studying and platform applied sciences.

Regardless of the rising transfer towards digital transformation, HR professionals, accountants, authorities staff, and clerks take hours to manually enter info into their techniques. Surveys show that staff spend someplace round 150 hours a yr looking for recordsdata in cupboards and 30% to 40% of their time in search of misplaced or misplaced paper. The common value of every misfiled doc is $125, and a few organizations lose a doc roughly each 12 seconds.

San Francisco, California-based Mindee, which was based in 2018, leverages AI and APIs to seize information from scans of expense administration, accounting, insurance coverage, worker onboarding, mortgage purposes, and underwriting paperwork. Mindee imports the info into first- and third-party techniques with algorithms skilled on a library of use instances and workflows.

“All companies, no matter measurement, take care of a number of paper-heavy processes. Take into consideration back-office processes, expense administration, accounts payable automation, accounting processes, mortgage purposes, insurance coverage coverage registration — the record goes on,” CEO Jonathan Grandperrin informed VentureBeat through e mail. “Mindee’s know-how makes the whole course of sooner and simpler for all events concerned — the worker or applicant submitting and the corporate personnel who overview, approve, and reimburse.”

AI-powered processing

Mindee’s AI algorithms first analyze the doc picture from a visible perspective to find the place pertinent information could be hidden after which learn solely that subpart of the picture. That’s versus optical character recognition know-how, which reads all of the phrases in a doc and captures information based mostly on language processing.

“Mindee combines each pc imaginative and prescient and a conventional optical character recognition-based pure language processing pipeline to parse paperwork. The benefit of that is very excessive precision — much less false positives than conventional machine studying — and really robust geography robustness,” Grandperrin mentioned. “[We’ve] tapped into massive international datasets from several types of purchasers to eradicate potential enterprise or business biases … Greater than 60 international locations [are] represented in our datasets.”

Mindee competes with providers from Microsoft, Amazon, Adobe, and others within the multibillion-dollar clever doc processing market. For instance, Google affords Document AI (DocAI) platform, a console for AI-driven doc processing hosted in Google Cloud. Startups within the area embrace Anvil, Flatfile, and Rossum, amongst others, a few of which give attention to specific business verticals.

However the firm, which has an workplace in France, says it has approached potential clients within the finance, analysis, insurance coverage, authorities, well being care, and logistics industries. Mindee’s document-parsing API is at present out there with a free-of-charge trial.