The virtual champagne is flowing for our team with the news that we've been recognised as the Leading Innovators in Data Extraction – Europe in the 2021 FinTech Awards. These annual awards celebrate the best and brightest in the FinTech industry, examining:
The judges were impressed with how we draw on Visual Reasoning and NLP (Natural Language Processing) to revolutionise data extraction. Our AI (Artificial Intelligence) tools can take meaning and context into account when reading text, as well as take cues from graphic design, such as tables, font sizes and colours.
"This truly is a team effort," says CEO Martin Goodson. "We could not have done this without our research consortium of the University of Southampton, corporate partners such as Dun & Bradstreet. Plus the backing from one of the largest R&D grants ever awarded by the UK government as well as investment from venture capital firm First Minute Capital. This recognition from the FinTech Awards establishes us as the most innovative data extraction company in Europe."
It took five years to train our AI algorithms to extract data accurately. Our scientists developed computer vision algorithms using 25 million documents as training data. These came from a variety of sources, both public and corporate.
They now read 1.5 million documents every day on behalf of our clients, saving data analysts and asset managers hundreds of hours. We work with companies such as Fitch, Unigestion and NatWest (Royal Bank of Scotland) cutting costs by 50 – 75% while increasing accuracy to more than 99.5%. Many clients have become our 'ambassadors', recommending us to their peers.
We harness artificial intelligence to allow our data extraction products to learn by themselves, without the need to define rules or write code. Many companies can face challenges with data extraction from unstructured documents, especially when integrating legacy data into their systems. Our products are flexible enough to cope with this.
You can find out more in How does Evolution AI work?
"We’ve been so impressed with the many exceptional candidates," says Emma Pridmore of award hosts Wealth & Finance International.
"After a tough year, Evolution AI's perseverance and dedication have triumphed despite the many difficulties and pressures brought on by the pandemic. They are a testament to the ingenuity, drive and passion that makes the FinTech industry such an inspiring environment."
Click here to read the full magazine from Wealth & Finance International: