“Customers think of our IDP platform not even as a Swiss Army knife but as a tool that reconfigures itself to the task.”
PRINCETON, NJ, April 14, 2022 /PRNewswire/ — Singularity Systems, a leader in intelligent document processing (IDP), announced today the general availability of new AI capabilities that break through the accuracy, efficiency, and speed barriers inherent in common AI-driven process automation software. AI Pathfinder™ optimally layers NLP, computer vision, proprietary OCR, and machine learning, making it easier for customers to reuse models across use cases while experiencing the highest accuracy and extraction rates available in the market. Intelligent Data Simulator™ reduces the sample documents required to train a model from thousands to one. These two capabilities are now native to the company’s flagship IDP product, SinguAI.
Co-founder and CTO Tianhao Wu discusses founding the company and what challenges clients face when adopting Intelligent Document Processing
“We listened to customers who had been frustrated by the limitations of legacy IDP software in terms of reusability and training data and dedicated two years of our R&D team’s effort to solving these problems,” said Dr Tianhao Wu, Co-founder & CTO at Singularity Systems. “It had almost become accepted that each use case – like First Notice of Loss in insurance or commercial contract analysis in banking – would mean training an entirely new model and that it would take thousands of samples and months of effort to achieve production-grade performance, so we made solving this our moonshot.”
The company’s moonshot has landed successfully for several Fortune 500 customers, including several global banks, insurance companies, and one of the world’s largest mining corporations. These multi-national organizations use Singularity Systems to automate the more complex but still repetitive knowledge work that is beyond the capabilities of rules-based RPA software.
Leading industry analysts support this view – that reducing the number of samples required to train a model and reducing the time-to-market for production-ready models is critical for the success of any unstructured data extraction projects.
“When it comes to AI, the days of experimenting with tools such as NLP, ML, computer vision, etc. are over. AI that can be tuned to support rapid outcomes is critical in today’s environment,” said Phil Fersht, CEO and Chief Analyst of HFS Research. “When it comes to process automation and intelligence, enterprises are demanding speed and immediacy to get the data they need to be effective, and emerging solutions that can deliver at this speed will be the winners in this emerging market.”
“Most IDP providers offer the AI equivalent of a hammer, so to these products everything is a nail; they lack the breakthrough capabilities we deliver,” said Scott Lee, Chief Revenue Officer for the company. “Customers think of our platform not even as a Swiss Army knife but as a tool that reconfigures itself to the task. Intelligent Data Simulator™ and AI Pathfinder™ enable companies to onboard the software in days, move ten times faster in their digital transformation, double their automation ROI and reduce manual work by 50%.”
About Singularity Systems
Enterprise leaders who prioritize customer experience and operational agility use Singularity Systems to turn high-volume unstructured content into machine-readable data for automated processes. The company has powered strides in customer and employee experience through realtime decision-making for banking, insurance, healthcare, energy, and other data-intensive industries by making AI technology more effective and efficient. With its world-class team of scientists and developers, Singularity Systems has pioneered new AI techniques that have modernized and democratized the intelligent document processing industry. Through a global customer network and its headquarters in Princeton, New Jersey’s Einstein Alley, Singularity Systems is one of the fastest growing enterprise software companies in the industry.
SOURCE Singularity Systems Inc.