Xtracta Announces First External Capital Raising

Earlier this year Xtracta announced that they had completed their first external capital raising. Raising close to $700,000NZD of new capital, the company is focussed on using the funds to both continue its research into A.I. (artificial intelligence) as well as ramping up its licensing activities with software vendors.

As Xtracta CEO and founder Jonathan Spence explained, "With our focus on providing our data extraction technology as a licensable service for software vendors to incorporate within their own products, we are in an incredibly strong position for growth. With our API only recently being launched, we have at least a dozen software vendors already in the process of integrating our technology into their own products. We look forward to seeing our data extraction technology in action for the tens of thousands of users these vendors have as well as further boosting our vendor base."

Driven by the desire to make great quality, innovative software that was easy to use, easy to deploy and low cost, Jonathan started Xtracta to develop what is now known as the Xtracta App. The bureau had also been a pioneer in the area of enterprise SaaS and it was becoming obvious at the time that SaaS was to be a huge paradigm shift in the software industry. After extensive planning, specification writing and concept designs were in place - development began in mid-2010 and led to the first version of the software being released.

With a re-pivot of the company to focus on providing the API to any app that wants to provide data extraction to their clients, Xtracta is building a large vendor base who will be using their technology to launch auto extraction capabilities in their software through 2015. The Xtracta App is a cloud based service that automatically captures data from documents. People can simply scan, take a photo or send a digital version of a document to the service and it will pass back the specific information they request. It can automatically capture from a huge variety of formats of the same document type, perfect for document types like invoices, receipts, purchase orders and more.

The Xtracta App is power by artificial intelligence technology. This allows the application to mimic the way a human thinks. From learning patterns for an entire document type (like invoice or purchase order) to understanding an organisation’s specific documents, the App is designed to do the heavy lifting for the user. For further information on Xtracta please go to the website at http://www.xtracta.com .