Parashift built a software with artificial intelligence to handle documents. Unlike its competitors, Parashift offers 100% correct extraction of data from paper documents. Further, they shifting paradigm how documents are handled in future. After 2 years of science basic research with PhD in mathematics, Engineers etc. they launched this year their platform.

Today, many companies are still processing most of their daily document inflow manually. This is not only very time consuming and expensive, but not necessary any-more. Parashift provides companies sophisticated solutions based on machine learning technologies for their individual needs. Empowered by these technologies, companies benefit from time and cost reduction by up to 80% related to document management processes. In the process of getting product-market fit, Parashift has built a proprietary artificial intelligence data extraction engine that enables customers to send random, unprepared receipts and invoices to a developed platform which then undergoes a quality enhancement before the engine makes document classifications and full data extractions with implemented confidence checks. Customers then have the optionality to do either a self-validation process on low confidence documents or make us of Parashift’s offer to validate GDPR compliant results, using a combination of technological and human measures.

Through streamlined sourcing, vendor identification, and automated quoting, Fairmarkit accelerates the bid-to-buy process. The solution uses machine learning and artificial intelligence to reduce manual effort by 30-40% on purchases while yielding savings of over 15%. The platform connects directly to your existing internal systems providing a rapid implementation process and enabling more spend to be placed under management. Fairmarkit is headquartered in Boston and is the only solution focused exclusively on tail spend sourcing and payment process.