BOSTON, Jan. 14, 2019 (GLOBE NEWSWIRE) -- Indico, a provider of enterprise AI solutions for intelligent process automation, is coming off of a very successful 2018 and looking to build on that momentum in 2019. Some of the company’s key accomplishments in the past year include:
- 300% year-over-year growth in enterprise bookings and customers
- Highly visible award recognition by a key industry influencer
- The launch of Indico IPA, the market’s first “productized” application of Deep Learning for intelligent process automation
- Key talent additions in machine learning, engineering, and marketing to help fuel its growth
- $4 million in new venture funding
- 100% customer renewal rate
- Multiple patent filings reflecting Indico’s core application innovations
“When we started the year, we had just begun to really ramp up our efforts to create an application around our core deep learning technology,” said Tom Wilde, CEO of Indico. “Our goal was to create a practical, solution-oriented user experience to enable enterprises and lines of business to take advantage of the power of AI to deliver real outcomes and ROI -- without the need for difficult-to-find AI talent or expensive and complex deployments. A year later, we’re seeing the full fruits of our team’s efforts -- strong footing in the explosive Process Automation vertical, with deployments at a number of Fortune 1000 companies -- with huge potential to build on in 2019 and beyond. It’s a great credit to the efforts of the entire IndiCrew.”
Some of the highlights for Indico in 2018 include:
Enterprise Customer Adoption Addressing Mainstream Unstructured Content Use Cases
In 2018, Indico deployed its Intelligent Process Automation solution primarily in banking, insurance and financial services. Use cases centered on automating document-based workflows in legal and compliance, finance and operations, and sales and support including:
- Contract Analytics for a Fortune 100 insurance provider
- Contract Automation for a major financial asset manager
- Order Processing Automation for a major financial services back office provider
- Image-Based Workflow Automation for a Fortune 100 industrial services provider
Early results for these deployments include 85% reduction in process cycle time; a 4X increase in process capacity; and an 80% gain in operational efficiency.
Key Industry Recognition
In September, Indico was named a Cool Vendor in Data Science and Machine Learning by leading industry analyst firm Gartner. The 2018 Cool Vendors research “examined disruptive vendors that deliver rapid transformation projects, optimized the use of technology and solved challenges which have been around for a long time.” Indico was one of just five companies recognized. Other AI companies previously recognized as Gartner Cool Vendors include Data Robot and Blue Prism.
Product and Technology Momentum
In 2018, Indico launched its Intelligent Process Automation solution for Unstructured Content, along with two important complementary open source projects. Indico has a vested interest in promoting the advantages of AI and machine learning and it continues to give back to the open source community.
In May, Indico launched its first Enterprise AI solution, Indico IPA, connecting machine learning directly to the business challenges associated with automating document-based workflows. The solution was designed to make AI more accessible to business users looking to automate manual processes and augment existing workflows with greater intelligence.
In June, Indico launched a related open source project named Enso, a library of standard interfaces and tools to streamline the benchmarking of embedding and transfer learning methods for a wide variety of natural language processing tasks.
In September, the company released Finetune, a new open source project focused on enhancing the performance of machine learning for natural language processing. The project offers users a single, general-purpose language model which can be easily tuned to solve a variety of different tasks involved in text and document-based workflows. The Finetune project extends original research and development work completed by OpenAI to address a wider range of problems with less data and effort.
$4 Million in New Venture Funding
In January, Indico announced $4 million in new equity seed funding to extend its product capabilities and build out its go-to-market efforts. The funding was led by Philadelphia-based Osage Venture Partners and joined by existing investors .406 Ventures, Boston Seed, and Hyperplane.
Looking ahead to 2019, Indico is focused on expanding current enterprise deployments and helping current customers increase their ROI, targeting new unstructured content use cases, and increasing the market’s awareness of its intelligent process automation solutions.
About Indico
Indico is a provider of Enterprise AI solutions for intelligent process automation. Our focus is on helping to automate tedious back-office tasks, improving the efficiency of labor-intensive document-based workflows, and extracting valuable insights from unstructured content, including text and images. Our breakthrough in solving these challenges is an approach known as transfer learning, which allows us to train machine learning models with orders of magnitude less data than required by traditional content analysis techniques. With Indico, enterprises are now able to benefit from the dramatic advantages of AI and machine learning in a fraction of the time. For more information, visit https://indico.io/.