SWITZERLAND, 16.03.2021 – Parashift, a leading software technology company specializing in document capture, launched its self-service platform to extract information from any document. From separation to classification and data extraction, the platform provides all capabilities needed for inbound document processing.
Document Swarm Learning Technology
The newly developed Document Swarm Learning capabilities, which enable the platform to learn from any processed document across document types and customers, will allow Parashift to offer a single API that understands all documents circulating globally, out-of-the- box over time.
“Document Swarm Learning is a major step to fully autonomous document extraction over a single API. While we will continue to invest heavily in our core technology, we’re already delivering a cloud platform product to leapfrog agility and flexibility for enterprises. Every day we see how the document extraction in the cloud exponentially accelerates and fuels digital transformation, both technologically and commercially”, says Alain Veuve, CEO and Founder of Parashift.
Out-of-the-box, self-service, short time-to-solution
The Parashift Platform helps scale automation across enterprises and stimulate end-to-end automation by delivering an easy to implement and maintain solution for document data extraction tasks, like typing data from documents and forms. The platform is designed for small document volume processes previously considered not cost-effective to digitize, as well as large volume operations like invoice processing. The setup process no longer requires a highly skilled, costly specialist and can be completed in short timeframes. Parashift makes this available with pre-trained standard document types and fields, easy-to- use machine-learning extraction methods, and a configuration interface with a high level of abstraction.
An API product for easy integration
Building a truly scalable flexible document capture solution is complicated and resource-intensive for many companies and software vendors. The Parashift Platform can be quickly integrated into any existing IT infrastructure and software via a modern and straightforward REST API. This enables data capture capabilities that were previously missing. To further simplify entry, Parashift works with solution partners who have integrated the platform into a variety of standard software solutions.
Parashift accelerates integration into many more standard software business solutions, like ECM, BPM, RPA, or ERP systems, by leveraging the partners’ industry knowledge and customer base. In turn, the partners deliver outstanding new features around document understanding directly in their business software, driving value and automation for the end- clients.
“Automated document capture has always been cumbersome. OCR software was very costly and complex to implement, and equally difficult to maintain. Most document capture solutions have difficulty responding to changing document layouts and require many adjustments to achieve good quality data extraction”, says Thilo Rossa from the Parashift executive team.
Fully validated standard document types
Parashift provides the option to consume fully validated data (provided by Parashift) out-of- the-box for many document types. To effectively and efficiently train underlying AI systems and deliver high-quality data, the Parashift Platform builds around functionalities for human- the-loop processes.
Industry-grade validation interface
Alternatively, customers validate extraction results on their own, using Parashifts industry- grade validation interface. Through this, companies can efficiently set up shared service centers empowering employees to manage their work on the Parashift Platform.
The Parashift Platform acquired more than 50 customers around the world in just a few months, even while in private beta. Use cases range from typical invoice processing to complicated and exotic document types. Customers view Parashift as a one-stop-shop for all document extraction needs in their IT landscape.
Thilo Rossa: “The Parashift Platform is finally a solution to the problems I encountered in my previous career as an ECM consultant. With the option of full validation, customers and partners no longer have to worry about the quality of the extraction, because it can be guaranteed. Making evaluation, implementation, and maintenance of the solution much more effortless.”
Parashift AG, founded in 2018, is a deep-tech company focusing on autonomization of document extraction through machine learning. Parashift is based near Basel Switzerland and employs around 30 people in the field of machine learning engineering and development. Forbes named Parashift as one of 30 promising AI startups in Europe.
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