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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.”
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.”
Foundation AI Earns Top Ranking from Forbes
Friday, May 17, 2024
Legal Tech Pioneer, Foundation AI, Ranks Sixth on Forbes' America's Best Startup Employers List of Companies Providing Business Products and Software Services
IRVINE, Calif.,-- Foundation AI, a leader in litigation document processing automation, is proud to announce its recognition by Forbes as one of America's Top 50 Startup Employers of 2024. Foundation AI was ranked 37 out of 500 companies overall, and an impressive 6 out of 101 companies providing Business Products and Software Services.
Compiled in conjunction with Statista Inc., the Forbes list recognizes the top 500 startups displaying excellence across three key areas: employer reputation, employee satisfaction, and growth. Millions of data points were gathered and analyzed. Out of 20,000 companies, only 3,000 qualified for in-depth analysis, and then from that 500 startups were selected based on distinguished corporate culture and employee engagement practices.
"It's a huge honor to be named to this list," said Vivek Rao, CEO at Foundation AI. "Thanks to the hard work and dedication of our exceptional team, we've expanded beyond California, and are now serving clients across North America," Rao added.
Founded in 2018, Foundation AI enables litigation firms and claims departments to leverage advanced AI models to organize their data, streamline labor-intensive processes, and reduce costs. The Foundation AI platform integrates with customers' existing systems to automatically profile and classify incoming documents, extract critical data, and automate document dependent workflows like document routing and escalation, summarization, and data entry.
Foundation AI's success story is deeply intertwined with its commitment to employee welfare and team cohesion. "At Foundation AI, we believe in empowering our employees to grow both personally and professionally," explained Victor Gebhardt, Chief Operating Officer at Foundation AI.
Gebhardt continued, "We offer comprehensive benefits that enhance our employees' well-being and improve their overall work experience, thus empowering them to excel and make significant contributions to our achievements."
By prioritizing innovation, fostering a strong team dynamic, and encouraging cross-functional collaboration, Foundation AI cultivates a work environment conducive to the flourishing of new ideas.
"Our open culture encourages transparency, feedback, and idea-sharing at all levels of the organization," said Venki Pagidimarri, Co-Founder and Chief AI Officer at Foundation AI, "We believe that an environment where individuals feel valued and empowered to express themselves fosters innovation and growth."
Foundation AI Earns Top Ranking from Forbes
Thursday, June 13, 2024
Legal Tech Pioneer, Foundation AI, Ranks Sixth on Forbes' America's Best Startup Employers List of Companies Providing Business Products and Software Services
IRVINE, Calif., -- Foundation AI, a leader in litigation document processing automation, is proud to announce its recognition by Forbes as one of America's Top 50 Startup Employers of 2024. Foundation AI was ranked 37 out of 500 companies overall, and an impressive 6 out of 101 companies providing Business Products and Software Services.
Compiled in conjunction with Statista Inc., the Forbes list recognizes the top 500 startups displaying excellence across three key areas: employer reputation, employee satisfaction, and growth. Millions of data points were gathered and analyzed. Out of 20,000 companies, only 3,000 qualified for in-depth analysis, and then from that 500 startups were selected based on distinguished corporate culture and employee engagement practices.
"It's a huge honor to be named to this list," said Vivek Rao, CEO at Foundation AI. "Thanks to the hard work and dedication of our exceptional team, we've expanded beyond California, and are now serving clients across North America," Rao added.
Founded in 2018, Foundation AI enables litigation firms and claims departments to leverage advanced AI models to organize their data, streamline labor-intensive processes, and reduce costs. The Foundation AI platform integrates with customers' existing systems to automatically profile and classify incoming documents, extract critical data, and automate document dependent workflows like document routing and escalation, summarization, and data entry.
Foundation AI's success story is deeply intertwined with its commitment to employee welfare and team cohesion. "At Foundation AI, we believe in empowering our employees to grow both personally and professionally," explained Victor Gebhardt, Chief Operating Officer at Foundation AI.
Gebhardt continued, "We offer comprehensive benefits that enhance our employees' well-being and improve their overall work experience, thus empowering them to excel and make significant contributions to our achievements."
By prioritizing innovation, fostering a strong team dynamic, and encouraging cross-functional collaboration, Foundation AI cultivates a work environment conducive to the flourishing of new ideas.
"Our open culture encourages transparency, feedback, and idea-sharing at all levels of the organization," said Venki Pagidimarri, Co-Founder and Chief AI Officer at Foundation AI, "We believe that an environment where individuals feel valued and empowered to express themselves fosters innovation and growth."
Company
Foundation AI
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
