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Below is our recent interview with Amit Jnagal, CEO and Founder of Infrrd:
Q: What is Infrrd?
A: Infrrd is an Artificial Intelligence & Machine Learning company focused on helping businesses transform into AI-enabled enterprises of tomorrow. To accomplish this, we use our dedicated AI infused technologies like Intelligent Data Capture, Computer Vision, Natural Language Processing, and Predictive Analytics.
Our platform and algorithms extract insights from unstructured data, based on machine learning. These insights, in turn, help our customers make informed decisions and automate processes. We have clients from different industry verticals such as Banking, Finance, Insurance, Manufacturing, Real estate & Mortgage etc.
Q: You’ve recently been awarded by Comparably as one of the Best Companies for Diversity in 2018; could you tell us something more?
A: That was interesting – until we got that award, we did not realize how diverse our company truly is. I guess we have never looked at a person’s demography while hiring or promoting. And that is the way it should be. To be recognized for our efforts by Comparably not only establishes the fact that we’re successful in our initiative, but it also is a pat on our back, helping us move in the right direction. A diversified workplace brings out the best in terms of productivity and innovation. The best part of this award was that it was solely based on employee reviews and ratings.
Recommended: Q: What really makes your AI platform unique?
A: Our USP lies in the quality & accuracy of our platform. We don’t perceive data extraction as just an OCR problem or image recognition as just a computer vision problem. We take a problem and use the entire gamut of our expertise i.e. machine learning, IDC, computer vision, NLP & predictive analytics to solve it and provide high value on the investment. So, if you have a data extraction need, we solve it using machine learning OCR & ensure you get high accuracies by identifying different types of documents and the data inside documents with the help of computer vision and NLP. We also apply a layer of predictive analytics, so you get data-driven business insights that can power key decisions for your company as well.
Q: What are some of the specific use cases or scenarios you can share on how consumers can leverage Infrrd?
A: We had a global investment research and investment management firm as our client who wanted to cut down the tedious process of manually analyzing numerous financial reports and documents from different companies. These PDF files had details such as balance sheet, income statements, cash flow etc. and were voluminous. Not only this, often these files were in other languages like Vietnamese, Polish, Nepalese etc. which made it difficult to process by an investment analyst.
Our solution automatically extracted, classified, and translated financial information from these annual reports. We pre-processed the files to analyze their overall layout for data extraction and preserve them. Our OCR then extracted the information from the scanned documents after which our IDC platform transformed them into searchable HTML. Lastly, our neural network-based algorithms enabled language translation of the extracted data.
Another customer is a leader in the multi-billion-dollar promotions industry. Their problem was extracting data from the overlapping parts of receipts. Infrrd’s intelligent data capture platform which utilizes image processing, pattern recognition, and machine learning to automate extraction of information from long, overlapping receipt images with accuracy was used to solve this complex problem, helping their team in drastically reducing time, costs, and labor.
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Q: What is the biggest challenge you’ve faced in your business and how did you overcome it?
A: Growth brings its own challenges from hiring, scaling product, and operations to capital management. Because of the kind of AI algorithms that we work on, we do not find a lot of talent readily available as we scale. We are trying to overcome this challenge by building an outstanding training program that can produce the talent we need.
Q: What are your plans for the future?
A: We will continue working on reaching higher standards of accuracy in terms of AI-driven extraction and business insights and are looking to extend it to a lot more data formats. We will also be looking at creating seamless integrations and a complete end-to-end solution.
From where we stand today, if we squint our eyes a little, we can see $100M revenue in the near future. As a team, that is what we are aiming for. We will keep our focus on our technology and our customers.
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