SortSpoke, the most advanced and easy to deploy AI solution used by enterprises to extract any data from any unstructured document, has announced $4.5M in funding led by IDEA Fund Partners, SixThirty Ventures, and a Fortune 500 insurance carrier. SortSpoke will use the funds to accelerate sales and marketing in the insurance and lending verticals. In the crowded intelligent document processing market, SortSpoke differentiates itself as the only universal intelligent document processing platform able to handle even the most complex unstructured documents with a simple business self-serve implementation and time-to-value of a few days.
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SortSpoke was founded by Jasper Li in 2017, in response to a clear gap in the market identified throughout his decade as a consultant with PwC. Working with over 50 North American enterprises to streamline operations, Li noticed virtually every business spends enormous human capital each year on manual data extraction. Existing solutions could not handle the incredible variety of real-world documents and the “long tail” of many use-cases in enterprise.
Intelligent document processing is a turning point in technology, automating some of the most mundane work for highly regulated industries, presenting unprecedented speeds and scale, with unbeatable levels of data accuracy. By automating even the most complex manual entry work, SortSpoke is a force multiplier for highly skilled staff, increasing their capacity 4-10x, reducing turnaround time by 75-90%, and making valuable new data accessible.
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Unlike competitors, SortSpoke works with some of the most complicated document types and data structures, of unlimited quantity and of any language. Leveraging its own proprietary rapid machine-learning technology, SortSpoke works alongside customer experts, learning from user feedback with as little as 10 training pieces. SortSpoke lets enterprises keep a human-in-the-loop, to ensure 100% data quality and auditability in highly regulated and high-risk use cases.
Document processing can help automate tasks like contracts, underwriting docs, medical reports, financial statements, and everything in-between. SortSpoke has a strong enterprise customer base across insurance, lending, and professional services. Customers include Reinsurance Group of America, SCM Insurance, Canadian Provincial Ministry, and TAI Reinsurance.
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