Liestal, 08/23/2022
Press release written by BLKB
Parashift provides companies with a simple and fast reading of document data for different use cases. BLKB supports the deep-tech start-up with its innovative solutions and aims for a minority stake.
Parashift’s solutions enable the reading and processing of data from documents such as delivery notes, leases or insurance policies. Users are then able to replace recurring manual data extraction tasks with automated processing. The start-up uses sophisticated solutions based on artificial intelligence for automatic document extraction. The Sissach-based company, which employs around 40 people, is described as a deep-tech company because of its cutting-edge technology.
Deep-tech from Baselland
BLKB has been using the Parashift solution since spring 2022 and it is convinced by its innovation. These positive experiences have led to cooperation in financing. BLKB is working to support Parashift’s next growth stage. John Häfelfinger, CEO of BLKB, sees great potential for Parashift’s innovative solutions: “As part of the “100 for Baselbiet” initiative, BLKB, together with partners, promotes young companies in the Baselland region. With its focus on deep tech, Parashift assumes an important pioneering role in creating IT workplaces in the region. We see our financial support as the basis for a long-term partnership.” The regional anchoring is also in the foreground for Alain Veuve, founder and CEO of Parashift: “Our example shows that the establishment of a deep-tech company in the IT sector is not only possible in London, Tel-Aviv or Berlin. We are all the more pleased that we can now welcome BLKB as a strong local institutional partner among our investors.”
Strong growth
In the last 12 months, Parashift has been able to grow strongly and win customers such as BMW, Architrave, Raiffeisenbank, AMAG and Unilegion. In addition, various analysts have identified the Basel-bidder company as a globally relevant provider of intelligent document processing. The business magazine Forbes called Parashift one of 30 promising start-ups in the field of artificial intelligence in Europe.
In the next stage of its development, Parashift aims at global expansion. To this end, the start-up is launching a funding round, which is open to domestic and international investors.
BLKB press release (PDF version)
About BLKB
BLKB is the largest bank in Basel and one of the leading banks in northwestern Switzerland.
It has been serving the population of the region for over 150 years. It is the contact for private individuals, companies, municipalities and the canton and contributes to the positive development of the region through its responsible actions.
For more information, please visit https://www.blkb.ch
Contact
Marius Maissen
Email: medien@blkb.ch
Phone: +41 61 925 82 89
About Parashift
Parashift AG, founded in 2018, is a deep-tech company focusing on the autonomization of document extraction through machine learning. Parashift is based near Basel (Switzerland) and employs around 40 people in the field of machine learning engineering and development. Forbes named Parashift 2019 as one of 30 promising AI startups in Europe.
For more information, please visit https://parashift.io/en/
Contact
Mattia Rüfenacht
Head of Business Development
Email: mattia.ruefenacht@parashift.io
Phone: +41 61 508 77 77
