Staple can be used to gather data from semi-structured and unstructured documents, such as trade settlement agreements, bills of lading, medical claims, and many more. Because the data is unstructured, companies typically rely on manual processes, according to Paul Santos, managing partner at Wavemaker Partners.
Wavemaker Partners has invested in Staple, a Singapore-based firm that uses AI to deliver document processing solutions, in an effort to accelerate this.
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Leading a pre-series A investment round of US$4 million, the startup can process more than 200 languages and other types of documents.
Staple has been assisting with documentation problems since 2018. According to Santos, the process is prone to error, and each inaccuracy might cost businesses US$50 to correct. This could lead to millions of dollars’ worth of needless spending per year.
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Businesses may automate financial procedures and data extraction with Staple. Among the use cases for the solution are the large-scale form examination, bank statement analysis, and invoice data scanning.
The money will enable the company improve its AI-powered technology and modify its offerings to meet various corporate requirements. The business, which is already active in more than 56 nations, plans to utilize the money for international growth as well.
About Staple
Staple can read, An ML tool created to understand, and extract structured data from documents at a rate that is faster, more accurate, and more cost-effective than any human could at scale. They have effective data extraction capabilities independent of language or layout.
