KlearStack Bags Funding to Bolster Growth

KlearStack’s team has ascertained a roadmap ahead with this milestone to further strengthen its capabilities in intelligent document processing
  • BY BEx Bureau
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  • Sep 09, 2021
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  • 6 Mins Read

Mavenick Consulting, the parent company of KlearStack, announced signing of definitive agreements for a strategic investment round led by GI Projects Pte. Ltd., Singapore (part of Virenxia group) and India based ITCube Solutions Pvt Ltd. The company is providing artificial intelligence solutions to diverse industries globally since 2018. Its platform offers end-to-end AI-driven solutions to capture and interpret data from documents and images, also called Intelligent Document Processing (IDP).

"KlearStack has clients globally from various domains. The new funding will help fast-track our roadmap to provide significantly improved customer experience. This will positively impact all our employees, partners, and customers. We are now one step closer to what we always aspire to be - the go-to platform for IDP solutions," Ashutosh Saitwal, Founder and CEO of KlearStack

The KlearStack team has ascertained a clear roadmap ahead with this milestone to further strengthen its capabilities in intelligent document processing. It already has out-of-the-box solutions for various document types like invoices, purchase orders, expense receipts, loan documents, mandate forms, insurance documents etc. One of the major innovations planned is the DIY machine learning platform for users, who do not possess data science skills, to make their own custom solutions.

The global IDP solutions market is predicted to have a CAGR (Compounded Annual Growth Rate) of 36.8 per cent by 2026 which clearly presents a great worldwide opportunity for structured and unstructured document transformation. With this strategic investment, KlearStack is now poised to break new ground in the cloud-based IDP market. Its platform incorporates deep learning, OCR, and NLP to contextually extract and interpret data from documents, thereby improving decision making and reducing time for the enterprises.

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