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Extend gets $17M in funding to boost the speed and accuracy of document processing with AI models
- Document processing startup Extend has secured $17 million in funding through a seed investment and Series A round, with Innovation Endeavors leading the investment.
- Other investors in the funding rounds include Y Combinator, Character VC, and notable angels such as Scott Belsky, Guillermo Rauch, and Jeff Weinstein.
- Extend, also known as CrowdView Inc., aims to enhance document processing speed and accuracy using artificial intelligence, specifically large language models.
- The startup leverages advanced LLMs to transform complex PDFs and various files into validated, production-ready data with over 95% accuracy, even with degraded scans or handwritten documents.
- Extend seeks to outperform traditional optical character recognition tools by utilizing LLMs to extract, classify, and organize information from documents comprehensively.
- The company involves its customers in fine-tuning the LLMs to better understand document nuances, offering a higher level of accuracy in data extraction.
- Extend's software enables seamless integration into existing business processes, aiding departments in analyzing and gaining insights from fresh data efficiently.
- Co-founder and CEO Kushal Byatnal highlighted the importance of making document processing accessible and accurate, especially for businesses with data residing within documents.
- Extend plans to expand its product offerings with a user-friendly document processing platform that can be deployed swiftly by non-technical users.
- The recent funding will support Extend in expanding its teams, investing in research and development, and enhancing its product to cater to growing demand for accurate and flexible document automation.
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