- Alphamoon is developing an AI-based platform to automate document processing. It helps companies extract data from financial, legal, and transaction documents in order to automate their business operations.
- The seed round was led by German VC Sunfish Partners with the participation of Satus Starter, a Polish-based VC
- A number of large enterprise clients in Poland, such as Santander Bank, Bank Pekao SA, and leading energy and gas supplier in Poland PGNiG, have already started using Alphamoon products.
- The funding round will help Alphamoon expand to the global markets and further develop the platform to help companies fully automate their document workflows.
Alphamoon, a Polish startup developing an AI-based platform for document automation, has raised €2.1 million in the seed round, based on a combination of equity and R&D grants. The funding will allow the company to further develop its IDP technology and expand operations in European markets.
The equity round was led by Sunfish Partners, with the participation of Satus Starter. The R&D grants were provided by the Lower Silesian Voivodeship and Poland’s National Centre for Research and Development.
Founded by Adam Gonczarek, Paweł Świątek, and Norbert Raus in the city of Wrocław in South-West Poland, Alphamoon aims to help companies tackle the issue of document work overload. With over 550 billion invoices being transferred between companies each year, and other documents like contracts or agreements, the back office became a field overwhelmed with tedious paperwork.
As a result, companies all around the world actively seek solutions that aim at solving this problem. This can be seen in the market growth potential. Gartner estimated that intelligent document processing opportunities are worth €1.1 billion in 2020. New reports indicate the size of the market can grow even more exponentially, up to $3.7 billion in 2026, with CAGR in the forecasted period ranging from 29.6% to 36.8%.
The idea of Alphamoon was born when the three founders also encountered the same paperwork issue, back when they were running a consulting company that specialized in AI and Machine Learning services. What is now a product developed to fit every need within document automation, started as an internal solution.
“Every company that reaches a certain scale needs to handle a massive number of documents that require processing. Paperwork has been done manually for years – a full-time nightmare for the whole team. However, documents in all their forms and shapes are just datasets. By helping companies automate the extraction of this data, we help them eliminate bottlenecks and save time. Furthermore, our tool is not limited to just text recognition and data extraction. Alphamoon provides solutions that help further proceed with documents, supporting not only back-office teams, but also sales, customer service, compliance, and many others”,
says Adam Gonczarek, Ph.D., CTO and co-founder of Alphamoon.
Alphamoon is trusted by leading companies in finance & energy industries
The Alphamoon platform is already being used by large Polish enterprises primarily from the finance industry, including Santander Bank, Bank Pekao SA, and PGNIG. The portfolio of customers will be expanding thanks to the growing number of use cases, that is invoice automation, skip tracing, document anonymization, data extraction, and more.
The Polish startup uses AI to turn every document into a dataset that can automatically be saved in a unified way in CRM and ERP systems. This makes documents instantly useful, as companies can process them as they need to in an easy-to-use way; for example, by initiating certain business operations whenever they receive an invoice that would traditionally be processed manually.
“Alphamoon has the potential to make document processing much more efficient. Moreover, it can make becoming value-generating processes less of a chore. By recognizing patterns in collected data samples, enterprises can develop additional products or offer better services to their end-users. It’s a billion-dollar market and we are thrilled to support Alphamoon in discovering it.”,
says Marcus Erken, Ph.D., Founding Partner at Sunfish Partners.
The capabilities of the system developed by Alphamoon include easy extraction of text and other key data from invoices, bills, and contracts, as well as data from emails, which is used to recognize and classify customer complaints, supporting the work of customer service teams.
With the recent funding it has received, Alphamoon aims to expand its presence in other European markets. The company will also continue to develop its platform and technology, offering more features that will help automate every process involving documents. That includes OCR, data classification and extraction, as well as the development of knowledge bases and automated document creation.
To achieve that, Alphamoon aims to expand its team, which already consists of over 30 people, including AI and ML experts and data scientists. The company is now hiring developers, automated tests engineers, and marketing specialists. Click here to see all open positions.
“At Satus Starter, we always look for exceptional founders with proven experience. The team behind Alphamoon has a unique mix of technical skills and business expertise, which significantly increases the probability of future success. They have proven their strong commitment and dedication to delivering Alphamoon’s product vision over the past couple of years. The founders of Alphamoon have also managed to build a strong and dedicated team, making the company ready for rapid growth.”,
says Stanisław Rogoziński, Managing Partner at Satus Starter.
If you’d like to take a step towards document automation in your company, click below and learn what Alphamoon can do for you.