Foundation AI: Optimizing document processing through AI-Driven Intelligent Document Automation
Vivek Rao, the Co-Founder and Chief Executive OfficerThe Foundation AI Team, including Vivek Rao, CEO, and Venki Pagidimarri, Chief AI Officer, previously built a healthcare AI platform which used natural language processing (NLP) to derive actionable insights from unstructured medical records. After a successful exit, the team decided to bring its AI expertise to other document intensive industries, specifically legal and insurance, where people are required to review, classify, and enter data from lots of unstructured documents and emails in order to make decisions.
“Most solutions use templates, zonal extraction, and simple rules which may work on structured documents like invoices, but are ineffective on emails, correspondence, and the nonstandard formats we see in the legal, insurance, and healthcare sectors,” explains Rao.
Though AI might not be able to process all of these complex documents perfectly on its own, Foundation AI’s intelligent document processing solutions combine AI with human-in-the-loop interaction to strike the perfect balance between precision and efficiency.
“Our clients really can’t afford any mistakes, so with most solutions out there, they need people to check every single entry to make sure that it is correct,” adds Rao, “In contrast, Foundation AI’s deep learning models provide confidence scores at the field level. What makes our platform intelligent is that it knows when it doesn’t know, so it can task a staff member to check its work whenever it isn’t confident and before it makes a decision.”
The AI learns from this human-in-the-loop feedback, getting more accurate, and more confident with each document it processes.
The results have been significant for Foundation AI’s clients. For an insurance defense law firm, the software classifies, names, and indexes inbound documents into its DMS over 5X faster, achieving near perfect accuracy while saving it over $400,000 per year in staffing costs. A leading specialty insurer uses Foundation AI to index and route all inbound claims documents; the platform has over 85% straight-through processing automation. For a physician group, Foundation AI ingests thousands of faxes per day, automatically matches each to the correct patient, classifies it, and automatically indexes it into the EHR. Foundation AI can even flag time-sensitive documents and trigger alerts to ensure the right staff is notified immediately.
“It’s our mission to give people more time to spend doing things that matter, “says Rao, “It’s almost 2023 – and yet across enterprises, people are still processing documents and entering data the same way that they’ve done it since the ‘90s. At Foundation AI, we leverage leading-edge AI to deliver human-centered automation solutions that make people more engaged and organizations more efficient.”
The Foundation AI platform is cloud based and built on microservices architecture, making it modular and easily scalable across functions, lines of business, and use-cases. It is SOC 2 Type II certified and has a robust API that enables it to easily connect to input and downstream systems to optimize workflows throughout the enterprise. By stitching together computer vision, NLP, and deep learning models, delivered through an intuitive user interface for human-in-the-loop interaction, Foundation AI can completely transform manual workflows and process virtually any document faster and more accurately. As Rao says, “it’s like an Ironman suit, but for document processing.”
At Foundation AI, we leverage leading-edge AI to deliver human-centered automation solutions that make people more engaged and organizations more efficient
“It’s our mission to give people more time to spend doing things that matter, “says Rao, “It’s almost 2023 – and yet across enterprises, people are still processing documents and entering data the same way that they’ve done it since the ‘90s. At Foundation AI, we leverage leading-edge AI to deliver human-centered automation solutions that make people more engaged and organizations more efficient.”
The Foundation AI platform is cloud based and built on microservices architecture, making it modular and easily scalable across functions, lines of business, and use-cases. It is SOC 2 Type II certified and has a robust API that enables it to easily connect to input and downstream systems to optimize workflows throughout the enterprise. By stitching together computer vision, NLP, and deep learning models, delivered through an intuitive user interface for human-in-the-loop interaction, Foundation AI can completely transform manual workflows and process virtually any document faster and more accurately. As Rao says, “it’s like an Ironman suit, but for document processing.”
Company
Foundation AI
Headquarters
Irvine, CA
Management
Vivek Rao, the Co-Founder and Chief Executive Officer
Description
Foundation AI provides transformative artificial intelligence (AI) solutions to organizations seeking to optimize their document processing workflows. The technology streamlines operations, improves process accuracy and efficiency, frees up employees from labor-intensive tasks, and reduces costs
