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Startup of document processing automation Mindee today came out of stealth with $ 14 million in Series A financing led by GGV Capital, with participation from Alven, Serena Capital and Bpifrance through its Digital Venture fund. The company plans to use the funding to expand its presence in the United States and Europe and further develop its machine learning and platform technologies.
Despite the growing step towards digital transformation, HR professionals, accountants, government employees and clerks are taking hours to manually enter information into their systems. Surveys show that employees spend somewhere around 150 hours a year searching for files in closets and 30% to 40% of their time looking for lost or misplaced paper. The average cost of each incorrect document is $ 125, and some organizations lose one document approximately every 12 seconds.
San Francisco, California-based Mindee, founded in 2018, utilizes AI and APIs to collect data from scans of cost management, accounting, insurance, employee onboarding, loan applications and subscription documents. Mindee imports the data into first- and third-party systems with algorithms trained in a library of utilities and workflows.
“All companies, regardless of size, deal with several paper-heavy processes. Think of back-office processes, expense management, debt automation, accounting processes, loan applications, the insurance policy registration list continues, ”CEO Jonathan Grandperrin told VentureBeat via email. “Mindee’s technology makes the whole process faster and easier for all parties involved – the employee or applicant submitting and the company staff reviewing, approving and reimbursing.”
Mindee’s AI algorithms first analyze the document image from a visual perspective to locate where relevant data may be hidden and then read only that part of the image. This is in contrast to optical character recognition technology, which reads all the words in a document and collects data based on language processing.
“Mindee combines both computer vision and a traditional optical character recognition-based natural language processing pipeline for document analysis. The advantage of this is very high precision – less false positives than traditional machine learning – and very strong geographical robustness, ”said Grandperrin. “[We’ve] tapped into large global datasets from different types of clients to eliminate potential business or industry disparities … More than 60 countries [are] represented in our data set. ”
Mindee competes with services from Microsoft, Amazon, Adobe and others in the multi-billion dollar intelligent document processing market. For example, Google Document AI (DocAI) platform offers an AI-powered document management console hosted in Google Cloud. Startups in space include Anvil, Flatfile and Rossum, some of which focus on specific verticals of the industry.
But the company, which has an office in France, says it has approached potential clients in the finance, research, insurance, government, healthcare and logistics industries. Mindee’s document parsing API is currently available with a free trial.
The growing use of automation technologies in the company is likely to benefit Mindee in the coming months, according to Grandperrin. A McKinsey survey in 2020 showed that 31% of companies have automated at least one function, and 66% were pilot proposals for solutions to automate at least one business process, up from 57% two years earlier.
“Since January 2021, Mindee has doubled the number of employees with a plan to end 2021 with 30 employees. Employees are now located in France, Canada and the USA In 2022, the plan is to increase to 45 employees internationally, ”said Grandperrin. “There are more than 50 software companies that implement Mindee’s API in production and process millions of pages monthly for their customers. The estimate of monthly active end users — those who use customer software — is about half a million. ”
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