The patent covers CloudTrade’s Gramatica software, which uses unique artificial intelligence (AI) rules with backward tracking search, to interpret, validate, and extrapolate semantic meaning from documents of any type including invoices, sales and purchase orders and shipping notices. CloudTrade’s Gramatica software is now protected by lasting patents in Europe, the US and Australia.
According to the company, the software has solved an old problem of how to get a computer to interpret a human-readable document by matching patterns using AI. That means business can automate document processing saving time, money and paper.
Considering the fact that 80% of all invoicing in the US is still paper-based, the company is extremely excited to bring their approach to the US. More than that, CloudTrade is pleased to announce the opening of a new office in Boston, Massachusetts.
The experience of working in the European market gives the company insight into best practice and how to avoid some of the pitfalls associated with integrating an automated workflow management solution. Furthermore, the company claims that they are already in several active sales cycles in North America and is looking forward to expanding their networks over the next 24 months.
One business which is already using CloudTrade's patented technology is San Francisco-based Taulia.
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