Cloud-based-invoicing and e-document processing services provider CloudTrade’s proprietary document data extraction software has been awarded a patent by the United States Patent and Trademark Office. The company previously received Australian and European patents.
The patent covers Gramatica software which employs special artificial intelligence rules with backward tracking to interpret, validate and extrapolate semantic meaning from invoices, sales and purchases orders and shipping notices
“CloudTrade is committed to developing innovative software solutions and this patent demonstrates the novelty of our approach to document extraction,” CEO David Cocks said. “We have solved an old problem of how to get a computer to interpret a human-readable document by matching patterns using AI.
“That means we can automate document processing, saving time, money and paper.”
Mr. Cocks added that 80 per cent of invoicing in the United States remain paper-based. The challenge is to convince vendors to adopt the new technology.
“That is why CloudTrade, and our technology, is built firmly on the premise that it should be free for vendors, easy to use, and non-disruptive.”
CloudTrade also announced the opening of a Boston office.