SortSpoke secures $4.5M to bring its universal AI document processing platform to enterprise
TORONTO, June 20, 2022 /CNW/ - SortSpoke, the most advanced and easy to deploy AI solution used by enterprises to extract any data from any unstructured document, has announced $4.5M in funding led by IDEA Fund Partners, SixThirty Ventures, and a Fortune 500 insurance carrier. SortSpoke will use the funds to accelerate sales and marketing in the insurance and lending verticals. In the crowded intelligent document processing market, SortSpoke differentiates itself as the only universal intelligent document processing platform able to handle even the most complex unstructured documents with a simple business self-serve implementation and time-to-value of a few days.
SortSpoke was founded by Jasper Li in 2017, in response to a clear gap in the market identified throughout his decade as a consultant with PwC. Working with over 50 North American enterprises to streamline operations, Li noticed virtually every business spends enormous human capital each year on manual data extraction. Existing solutions could not handle the incredible variety of real-world documents and the "long tail" of many use-cases in enterprise.
Intelligent document processing is a turning point in technology, automating some of the most mundane work for highly regulated industries, presenting unprecedented speeds and scale, with unbeatable levels of data accuracy. By automating even the most complex manual entry work, SortSpoke is a force multiplier for highly skilled staff, increasing their capacity 4-10x, reducing turnaround time by 75-90%, and making valuable new data accessible.
Unlike competitors, SortSpoke works with some of the most complicated document types and data structures, of unlimited quantity and of any language. Leveraging its own proprietary rapid machine-learning technology, SortSpoke works alongside customer experts, learning from user feedback with as little as 10 training pieces. SortSpoke lets enterprises keep a human-in-the-loop, to ensure 100% data quality and auditability in highly regulated and high-risk use cases.
Document processing can help automate tasks like contracts, underwriting docs, medical reports, financial statements, and everything in-between. SortSpoke has a strong enterprise customer base across insurance, lending, and professional services. Customers include Reinsurance Group of America, SCM Insurance, Canadian Provincial Ministry, and TAI Reinsurance.
"In speaking with customers across the insurance vertical, we found that many (if not most) have tried and failed with one or more of SortSpoke's competitors. Though many advertise the ability to work with unstructured data, the reality invariably falls short. When given the chance to try Sortspoke, customers are amazed at: a) how easy it is to use and b) how quickly it becomes self-learning and productive."
- John Cambier, Managing Partner, IDEA Fund Partners
"This funding round is an exciting step in our journey to help business users reduce the amount of mundane data entry they do in their work. Our new venture partners are enabling us to achieve our goal of turning documents into data for more of the workforce, using our segment-leading product."
- Jasper Li, Founder and CEO of SortSpoke
SortSpoke helps enterprises turn unstructured documents into structured data, making it easy to automate the complex data entry work done by humans. SortSpoke uses proprietary, rapid machine-learning technology that allows enterprises to train in less than 1 day how to extract any data from any document type, structured or unstructured, in any language.
IDEA Fund Partners is a venture capital firm headquartered in Durham, North Carolina. The firm invests in the software, big data, and healthcare sectors where intellectual property is an important asset and source of differentiation from competitors.
SixThirty is a St Louis-based venture fund that invests in early-stage enterprise technology companies from around the world building FinTech, InsurTech, and Cybersecurity solutions, and connects them with corporate incumbents through its Go-To-Market Program.
Talk to one of our highly skilled professionals: https://pages.sortspoke.com/book-a-tour-1/
SOURCE SortSpoke
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