French startup reciTAL, specialising in ‘Document Intelligence solutions’, has just raised €3.5 million in initial funding from Breega, a European VC firm. This fundraise will allow reciTAL to boost its development and become the reference platform for automated data extraction.
Gilles Moyse and Frédéric Allary founded the company in 2017 with one belief: that the latest advances in Natural Language Processing (NLP) if applied to unstructured data (documents, emails, contracts…) will have as big an impact on companies as the introduction of ERP (Enterprise Resource Planning) and CRM (Customer Relationship Management) has had on structured data.
ReciTAL’s Document Intelligence solutions allow for rapid information retrieval, contract analysis, email flow processing, risk assessment and due diligence processes etc. In this way, the technology turns unstructured company data into a competitive advantage, fluidifying customer relations, increasing team productivity and rendering risk management more reliable.
The company, which today has 30 employees, is at the cutting edge of AI research and development with a team of 6 PhDs that are regularly published in the best international conferences, and a scientific committee that includes Stuart Russell, IA Professor at UC Berkeley and Antoine Bordes, Director of Facebook AI Research in Europe.
“This first round of funding comes after several successful roll-outs with leading players. We were able to validate our approach and measure the value-add of AI for processing emails and documents. With Breega, we are going to perfect and industrialise our solution and accelerate our business development”, said Gilles Moyse, CEO of reciTAL.
“This Document Intelligence platform, which allows companies to search and retrieve any text document with a simple request in natural language and in record time, is a godsend for businesses. Breega is convinced not only by the relevance of reciTAL’s solution, but also by the determination and expertise of its team of experienced entrepreneurs and PhDs in AI. We are proud to be accompanying them in their mission to become the reference in NLP solutions”, commented François PAULUS, Founding- Partner of Breega.