A Dutch startup, Send AI, aims to revolutionize data extraction from complex documents for enterprises, backed by Google’s Gradient Ventures. The company offers a customizable platform designed to address the challenges of extracting data accurately and securely from large volumes of diverse documents.
Challenging Established Players
Send AI enters the document processing space, competing with established incumbents like UiPath, Abbyy, Rossum, and Kofax. What sets Send AI apart is its adaptable platform, allowing companies to tailor AI models to their specific data extraction requirements.
Customizable Solutions for Diverse Needs
Enterprises, particularly those in highly regulated sectors like insurance, often grapple with processing various document formats, including PDFs, paper files, and images with diverse orientations. Send AI empowers companies to train computer vision and language models to recognize and extract data accurately from specific documents, ensuring compliance and minimizing errors.
Flexible Financing and Target Market
Founded in Amsterdam in 2021 as Autopilot, Send AI initially received a small investment of $100,000. However, with its recent pre-seed round of €2.2 million ($2.4 million), co-led by Google’s Gradient Ventures and Keen Venture Partners, the company is poised for growth. It primarily targets larger enterprises facing document processing challenges.
Seamless Data Extraction Process
Send AI’s cloud-based software offers APIs for seamless integration, enabling companies to extract data from documents sent via email. The platform enhances documents visually before leveraging language models for classification and extraction. Human oversight ensures accuracy and control throughout the process.
Differentiated Approach in a Competitive Landscape
While Send AI competes with startups leveraging large language models like OpenAI’s GPT-X, its focus on accuracy and cost-effectiveness sets it apart. By utilizing smaller, open-source models trained on high-quality data, Send AI delivers precise results without sacrificing performance or reliability.
Data Privacy and Compliance
Send AI prioritizes data privacy, crucial for highly regulated industries. Unlike generic large language models that may blend training data from multiple sources, Send AI deploys isolated models for each customer, ensuring data security and compliance with regulations.
Future Expansion and Growth
Currently operating in private beta mode, Send AI boasts notable customers like insurance giant Axa. With plans to double its team size, the company aims for a full commercial launch, leveraging its innovative platform to transform document processing for enterprises worldwide.
