Canoe Announces AI Technology Eliminating Manual Data Entry

21Jan - by aiuniverse - 4 - In Artificial Intelligence

Source- insidebigdata.com

Behind trillions of institutional assets invested in hedge funds, private equity, and venture capital is a reporting process dominated today by manual pencil, paper, and typing.

Canoe Intelligence is for the first time using cutting-edge ocular character recognition (OCR) techniques, natural language processing technology, machine learning, and a thorough validation process to eliminate this error-prone, slow, and un-secure manual data entry process for institutional investors, pensions funds and family offices worldwide.

Today’s sophisticated allocators manage complex portfolios including scores of alternative investments such as hedge funds, private equity and venture capital. As a result, allocators are inundated with up to 50,000 documents annually, containing 200,000 or more critical transaction, valuation and performance data points. Firms have historically relied on teams of individuals or offshore groups to manually manage data extraction and document storage, leading to industry-wide frustrations due to errors, latency, spiraling costs, and lack of control.

Canoe solves these problems using a proprietary, patent-pending AI engine. Using the merits of traditional CRF modeling and cutting-edge deep learning algorithms, as well as OCR Canoe’s technology recognizes, validates and extracts unstructured investment data across asset classes, ownership structures, and document types. The data is organized digitally for easy and immediate access, and can be seamlessly fed into any portfolio reporting, accounting, and analytics platform.

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