The PRWIRE Press Releases https:// 2016-03-28T23:20:36Z Xtracta Announces First External Capital Raising 2016-03-28T23:20:36Z 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 . Xtracta + A.I. Research & Development 2016-01-29T03:39:40Z xtracta-a-i-research-amp-development To power the Xtracta App's automatic data recognition and extraction capability - Xtracta as a company has invested heavily into artificial intelligence technology. Building up an extremely strong knowledge and understanding of the application of A.I. in regards to documents and the data structures within them, Xtracta has built a world class research team along the way. Bringing together knowledge and experience from all sides of the world - the team is a diverse mix of goal-orientated researchers who each have backgrounds in a range of A.I. disciplines. With a mixture of academic and prior private organisation experience, they blend the free flowing thought of the academic world with the discipline and experience of the private sector to turn those ideas into real-world technology and products. Utilising a range of A.I. technologies including machine learning, natural language processing, computer vision and many more, the team has built a technology stack that emulates the thought patterns and approaches of humans and their ability to interpret documents. The technology has the ability to autonomously learn new languages, data relationships and even completely new document types. One of the key aspects of Xtracta's approach has been Cloud Computing & Big Data and many have touted Big Data as a revolution in computing. Big Data is the concept that by utilising a large set of data, one can uncover patterns which may have not been obvious to a human reviewing it or which are not easily found in traditional statistical modelling. The idea is to find new information for your organisation to act on. Xtracta takes a similar line with Big Data, but instead of just creating information to act on, their A.I. system autonomously learns and improves itself based on what it finds. As a cloud service, Xtracta has access to every single document that it has ever processed, a singular system for data mining external resources (such as web) and the ability to pool computing resources into a singular system. Without cloud computing and the "bringing together of data", Xtracta's technology and value proposition would be hugely weakened, thus they are big proponents of Cloud Computing, among the many other benefits. With such a strong knowledge and capability in the field of A.I. and through their experience with document data extraction the Xtracta team are seeing further opportunities their A.I. capabilities around the document space and perhaps further afield. For further information please visit the website at http://www.xtracta.com . Xtracta + Robots And Ai 2015-12-18T03:18:11Z xtracta-robots-and-ai Earlier this year Xtracta’s Jonathan Spence wrote a blog on their website at http://www.xtracta.com  on the future of robots. As Jonathan says, “I no longer see a lot of concepts science fiction has developed over the years as that far-flung. The whole concept of computing (and a concept which has not changed since mechanical computing's inception more than 100 years ago) is absolute logic. A computer operates by saying "if this then do X OR if that then do Y". Of course it is a little bit more complex than that but for almost everything we do to interact with computers today, such logic is used absolutely. Artificial Intelligence tries to make this more "fuzzy" - it's an area of computing which tries to mimic the thought patterns and ability for decision making with inputs that aren't 100% set in stone. Jonathan goes on to explain, “The term Artificial intelligence or in acronym form A.I. is a term gaining greater prevalence through a variety of computer aided applications today. It's a term used very loosely and fair enough, A.I. is a very open concept with many applications meeting the criteria for it. Generally speaking we see A.I. touted applications today as those which can deal with quite specific requirements such as Image recognition, Facial Recognition for smartphone unlock, Facial Recognition for Age/sex determination and Industrial applications such as interacting with components in a manufacturing process as an example.” Jonathan also talks about machine learning and with Xtracta’s document data extraction technology, learning is key - especially when they start generating many, many complex relationships between their huge feature set. But compared to perhaps purely logical approaches (such as templating), it means Xtracta can service basically the whole world without having a team of people sitting and making templates for every supplier who exists around the world. The cloud approach has been the absolute backbone of this, because Xtracta can merge (and have already merged millions) of documents they have ever seen into a single unified learning pool. As Jonathan tells it, learning to learn is the holy grail of the field of A.I, a concept known as "strong" or "general" artificial intelligence. This is a system which has machine learning but also has the ability to learn "features" or the things that it uses to make comparisons and draw conclusions. “Whether we develop general intelligence is yet to be seen. In my opinion it's inevitable. At the end of the day, the way that nature works can always be replicated by man and general intelligence is in nature (i.e. seen in humans). Our brains use what are called neurons to operate; that is an electrical pulse is fired down these with synapses forming - this is what controls our thinking and actions. There are estimated to be around 100 billion neurons in a human brain which interact to allow our consciousness and decision making abilities.” Xtracta ‘Like’ Driverless Cars + Uber 2015-08-27T05:06:34Z xtracta-like-driverless-cars-uber Jonathan Spence recently posted a blog on the Xtracta website, positing the rise and rise of Uber and, more presciently, driverless cars. Xtracta is heavily involved with artificial intelligence research, using artificial intelligence for automatic data capture from documents, and Jonathan blogged about his interest in the idea of merging the concept of driverless cars and Uber. The following is an extract (mind the pun) from Jonathan’s blog.  “There are two big stories in the personal transport news these days, Uber (and of course its compatriots in the ride-sharing space like Lyft) & Driverless cars. Each is in itself quite an amazing proposition.  “Let's start with Uber. On the surface it looks like a win-win for both sides; the passenger and the driver. For the passenger it’s an exceedingly easy service to use providing a known fare value, easy payment and potentially reduced prices for otherwise expensive taxi travel. On the driver side it "democrotises" (I really dislike that term!) the ability for people to hire out their time and vehicles to make a few extra dollars. With a spiralling house market in my current home of Auckland, New Zealand - many people are looking for opportunities like this to make some extra income on the side.  “It's quite obvious that Uber's goal, despite the media focus on the murderers, rapists and kidnappers that form the Uber driver diaspora, is to merge the concept of driverless cars and a taxi service. Cutting out the driver instantly cuts out a big chunk of the cost of an Uber fare, removes the media and authorities fight against illegal Uber drivers and means each car can be used for much longer each day.   “Uber is investing, quietly and heavily, in driverless cars.   “Imagine it, when you are ready to leave for your morning commute, you press a button on your smartphone and in 1 minute one of countless vehicles travelling past stops to pick you up and will take you directly to the steps of your office. All for not much more than the bus and a heap cheaper than driving (and parking) your own car.  “The future of transportation is more about Uber and driverless cars - it’s about what both bring when they come together. Now anyone seen those drones becoming suspiciously capable to be ‘hover cars’….?”  By going online to Xtracta’s website at http://www.xtracta.com people interested in the function of the Xtracta App, an extraction technology with an artificial intelligence system, can find out more about Jonathan and Xtracta.  All About Xtracta 2015-07-29T03:30:07Z all-about-xtracta By going online to Xtracta’s website at http://www.xtracta.com people interested in the function of the Xtracta App, an extraction technology with an artificial intelligence system, can follow their extraordinarily well presented timeline, which is interesting of itself.    Xtracta’s founder, Jonathan Spence, explains that his interest in artificial intelligence resulted from his experiences as an end user of data extraction software. Jonathan had been working in the scanning bureau industry for a number of years and, while at the time, many bureaus focused on the volume of documents they can scan, the bureau where Jonathan was based had a philosophy of placing greater importance of data within the documents. Thus there was a great need for good software to capture this data. Jonathan, as IT manager, had a key responsibility to choose, deploy and maintain these data extraction systems. The bureau was processing millions of documents every month, thus getting the right software was critical to how well their operations ran. Through his experiences with using established software packages to perform this function, Jonathan became highly frustrated at the staleness of the market with low levels of innovation, high cost and extremely high complexity. Since data extraction was a crucial aspect to the bureau's service, having great quality software which wasn't prohibitively costly was extremely important. 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. Xtracta Partner With Accredo 2015-06-29T02:23:23Z xtracta-partner-with-accredo The latest version of Accredo gives its customers free access to Xtracta's data extraction technology from June, 2015. This new technology allows businesses to have data extracted from their documents, making it available for automatic importing into the core Accredo accounting solution. This will cut down time spent on manual data entry enabling these business' employees to have more time to perform more valuable tasks.  Kevin Carberry, Channel Manager for Accredo said, “The Xtracta App will improve workflow efficiency and help our customers have more time for the things that help their businesses grow”.  He says businesses often require employees to cover multiple roles, and time spent on data entry can be the least valuable but most necessary part of their job. “Time is money, and the Xtracta App will give our customers more.” The Xtracta App within the Accredo platform is focused on Accounts Payable and is able to extract data from invoices.  There are plans put in place to expand this functionality to include purchase order matching for invoices, as well as the ability to extract data from shipments and receipts. “Accredo's software can be tailored to suit most businesses. We look forward to seeing how Accredo users will uniquely configure their systems to best use the data extraction service within their business processes,” says Jonathan Spence, Xtracta CEO. Accredo provides proven accounting and business management software, purpose-designed for growing New Zealand and Australian organisations.  The partnership with Xtracta allows them to offer their clients access to accurate, and easy to use extraction technology previously only accessible by large businesses for a significant cost. Xtracta is a New Zealand company which has created the Xtracta App, an extraction technology with an artificial intelligence system.  This means that unlike any other extraction offering in the market the Xtracta App will learn through use. The Xtracta App is free to trial in the Accredo platform for all Accredo v4.0 users. For more information please visit the website at http://www.xtracta.com .