10B+ Items Processed in 2021, a 10-fold Increase over 2020, Setting Company on Trajectory for Exponential Growth in 2022 and Beyond
Indico Data, the unstructured data company, today announced rapid growth fueled by a 100 percent increase in annual recurring revenue (ARR) and 149 percent growth in net revenue retention. Use of the Indico Unstructured Data Platform also grew exponentially, with more than 10 billion items processed annually. This represents a significant jump in data processed from the same period during 2020.
“Our team is creating some of the most important, business-first advancements in AI and automation today,” said Tom Wilde, CEO of Indico Data. “Our remarkable successes in 2021 are a testament to the incredible work of the technology team, our focus on R&D and the relentless pursuit of meaningful innovation. In addition, our strategic partnerships and the unwavering commitment to our customers resulted in record channel growth and a strong pipeline.”
Customer Growth
In 2021, several Fortune 500 customers chose Indico to automate processes, including one of the largest banks in the U.S., a leading provider of industrial controls and a major financial technology provider. These marquee customers join a growing roster of enterprises leveraging Indico Data to speed time to efficiency for manual tasks involving previously untapped, unstructured data. According to IDC, an astounding 90 percent of all enterprise data is unstructured and therefore, not accessible for automation and analysis. Indico solves this problem.
Investment in Expansion
Building on key hires from late in 2020, including Christopher Wells, Ph.D, vice president of Solutions, Indico added several strategic executives this year including Bob More as CRO, formerly of SAP and Jeff Thomas as CMO, formerly of Salesforce. The company also appointed software industry veteran Mike ‘Gus’ Gustafson to its board, to assist with strategic initiatives. In addition, Indico invested in overall employee growth, expanding the team headcount 92 percent over 2020, and increasing engineering by 115 percent with spend for R&D exceeding 2020 by 117 percent.
“Our dedication to strong culture and a diverse team of AI experts continues to be a critical area of growth for the company,” added Wilde. “Even in an incredibly competitive talent market, we were able to identify and hire the best in software and AI while maintaining an employee retention rate of 90 percent, which is well above the industry average.”
The Indico Unstructured Data Platform
Built around a breakthrough human AI and machine teaching approach, the Indico Unstructured Data Platform is the first and only solution to address unstructured data – the millions of documents, emails, images, videos etc that make up critical enterprise processes – that doesn’t rely on brittle and expensive rules or template-based approaches. It empowers employees in operations to automate, analyze, and apply unstructured data to mundane, manual processes that frequently plague data entry and analysis workflows. This allows them to focus on more rewarding, strategic work. Further, while according to Gartner, only 20 percent of AI-enabled projects reach deployment, Indico’s platform customers consistently experience a greater than 90 percent success rate. This results in up to an 85 percent reduction in process time, a 400 percent increase in process capacity, and an 80 percent reduction in resources required.