Cognaize, the intelligent document processing (IDP) company powered by hybrid intelligence, announced that it entered 2023 with significant growth and momentum driven by the growing adoption of its IDP platform with leading global financial services organizations. The company is investing in all areas to deliver greater technology innovation, enhance customer support and expand its brand and footprint in the financial services market, particularly in the United States and Europe.
Financial institutions are processing more documents than ever, including loan applications, 401K reports, ESG-related documents, presentations, and trustee reports. On one hand, traditional manual processes for managing unstructured data in documents remain laborious, expensive, and fail to deliver value. On the other, despite rapid advances in AI, generic AI models are not trained on the nuances of financial documents and are falling far short of their promise.
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Until now. Cognaize is the first and only IDP solution to use hybrid intelligence to deliver on the promise of AI for financial services, combining sophisticated financial models that have been trained on over 1.3 million documents with human “experts in the loop” throughout the document automation process. Cognaize is designed from the ground up to address complex challenges for data scientists and deliver immediate efficiency to financial analysts.
“A fundamental barrier blocking the success of AI projects is the belief that it is a replacement for human-based decisions and analysis. We built the Cognaize platform from the ground up to drive collaboration between an organization’s financial experts and sophisticated industry and company-specific AI models – we call this hybrid intelligence,” said Vahe Andonians, founder, CTO and CPO, Cognaize. “A critical step to ensuring optimal collaboration is significantly reducing the cycle time for developing and testing new AI models. The Cognaize platform accomplishes this through automated, repeatable processes and reusable foundation models, which lowers the cost of each cycle. In 2023 we are committed to delivering further innovation that transforms business and decision-making processes in financial services.”
As financial services organizations use Cognaize, their in-house subject matter experts verify data within an intuitive UI, annotating as they validate the results. This dramatically reduces the time it takes to manually extract data from unstructured documents while generating domain-specific training data for the firm’s data scientists. As a result of using Cognaize, financial services firms drive continuous improvement in efficiency, maintain control over their data, and gain powerful competitive advantages, helping to build a resilient and ever-better business. Cognaize can be deployed in a company’s private or public cloud, or on-premise, ensuring strict control over IP, auditability, data quality, and other compliance-related requirements such as GDPR.
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Key milestones Cognaize achieved in 2022 include:
- Customer adoption – Cognaize added six new enterprise customers in 2022, including two of the world’s top ratings agencies, two of the top 10 banks in the world, and one of the largest insurance providers in Europe.
- Revenue growth – Driven by accelerated customer adoption and expansion across departments within a number of existing clients, Cognaize grew its annual recurring revenue by 4x in 2022 and tripled GAAP revenues from the year prior.
- Employee growth – Cognaize doubled its headcount to drive further innovation and customer value from the Cognaize platform, support existing customers and increase its investment in marketing and sales to expand the number of financial services companies around the world that can profit from the Cognaize platform.
“2022 was a breakout year for Cognaize, and our business has only accelerated since the beginning of the new year,” said Al Eisaian, CEO, Cognaize. “By delivering enormous value to six global financial services organizations, we have clearly validated that the Cognaize IDP hybrid intelligence platform unlocks AI for finance. We have an enormous opportunity to lead the market this year and beyond by delivering transformative innovation and exponential value to financial services leaders.”
