(Image credit: LEVERTON homepage.)
LEVERTON, a Berlin-based provider of proprietary artificial intelligence (AI)-powered technology for data extraction and contract analytics, has announced the launch of LEVERTON’s Artificial Intelligence as a Service (“AIaaS”). The vendor pitches the solution as enabling any organization to automate the extraction of structured data from corporate and legal documents, massively reducing man hours spent, while revealing opportunities that are unlikely to be emerge through a manual approach.
The solution is built with patented deep learning algorithms and enables businesses with complex, voluminous documents and contracts, to benefit from automation by training their own AI models, according to the vendor. Whereas most deep learning algorithms require thousands to millions of manually-created annotations to be established before the system can extract the necessary information, LEVERTON says that its AIaaS takes as little as 250 annotations to achieve high performance.
The vendor reports that in beta testing since 2018, LEVERTON AIaaS has been proven effective at extracting data from an array of document types including insurance contracts, invoices, procurement documents, credit card bills, shipping manifests, credit agreements, loan documents, case laws, and more. Based on authentic deep learning capabilities, the solution’s algorithms continue to get faster and smarter with each new implementation and use case, LEVERTON asserts.
“When we started building LEVERTON in 2012, deep learning was a completely new concept. Even companies like Google, Amazon, and Facebook were just starting to explore its power,” comments Florian Kuhlmann, founder and CTO, LEVERTON. “It took us years to perfect our technology, and once we did, we wanted to help every business use it to unleash the power of their data—even without a team of data scientists.”
Freeing Professionals to Spend Time Finding Insights
“While everyone is aware of the benefits of AI, the underlying technologies like deep neural networks and natural language processing are so complex that few organizations have the time, talent, and financial resources to implement it,” comments Abe Somani, Global CEO, LEVERTON. “That’s what LEVERTON is changing. We want people to stop spending hours manually scrubbing scanned PDFs, and instead, leverage automation so they can spend that time finding insights from that data.”
The vendor says that LEVERTON AIaaS will be offered as a SaaS solution for organizations who wish to create extraction templates and annotations themselves for new document types that are not currently available in the LEVERTON library. LEVERTON also offers an Assisted solution that will enable users to define their extraction needs and leverage LEVERTON’s third-party network to provide the annotation services.