SenseTask, the Romanian cloud-based startup that processes documents using AI technologies, has announced raising €480K. The funds will go towards the development of the platform and to increase data extraction accuracy .
The funds include a €400K grant from Innovation Norway. Ciprian Petrini, CEO of SenseTask, explained: “The Innovation Norway grant is a validation of our mission to build an innovative and impactful product, which involves research and development (R&D). We are tackling a big problem, that of the lack of efficiency caused by the manual processing of documents. Worldwide, more than 20% of the daily productivity loss is attributed to document problems. Our mission is to provide a product that allows organizations to be more productive and that significantly reduces the costs associated with manual data entry”.
Using AI technologies, SenseTask (founded in 2019) can extract the desired data from any type of document (financial, medical or legal) and regardless of its form (pdf, scan or even photo). These documents are classified into categories (such as invoices, receipts, forms, etc.), and the relevant data is then extracted and exported in a specific format or software of choice. This key data is collected from unstructured documents, streamlining operations and optimizing costs.
According to the startup, the average AP clerk can process only 5 invoices per hour (12 minutes per invoice) and 70% of worldwide invoices are paper based. “In an initial phase, we set out to automatically process invoices observing the need on the international market, but our system can learn and process multiple types of documents. In the coming period we intend to add new types of documents, to further improve detection, and to integrate with various ERP systems”, pointed out Ciprian Petrini, CEO.
The use of IDP (Intelligent Document Processing) technology is becoming a priority for more companies, as it brings a number of immediate benefits such as cost reduction, increased accuracy, improved data access and protection, and more. In the context of the current pandemic, being a cloud-based product, SenseTask allows employees to process documents remotely.