LONDON, ENGLAND, – CloudTrade, the leading provider of cloud based e-invoicing and e-document processing services, today announced that its proprietary document data extraction software has been awarded a patent by the U.S. Patent and Trademark Office (U.S. Patent No. US 20130318110 A1).
The patent covers CloudTrade’s Gramatica software, which uses unique artificial intelligence (AI) rules with backward tracking search, to interpret, validate, and extrapolate semantic meaning from documents of any type including invoices, sales and purchase orders and advanced shipping notices. CloudTrade’s Gramatica software is now protected by lasting patents in Europe, the U.S. and Australia.
David Cocks, CEO of CloudTrade, says: “CloudTrade is committed to developing innovative software solutions and this patent demonstrates the novelty of our approach to document data extraction. 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.
“80% of all invoicing in the U.S. is still paper-based, so we are extremely excited to bring our unique approach to the U.S. At CloudTrade, we recognize that the biggest obstacle to e-invoicing and e-document processing is getting vendors to adopt, 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 - only then will vendors move away from paper.”
CloudTrade is pleased to announce the opening of a new office in Boston, Massachusetts to satisfy the increasing demand for its solutions in the North American markets.
Roger Hatfield, CloudTrade’s VP for North America, says: “We offer businesses who rely on manual data entry for their invoices and orders a simple, cloud-based and cost-effective solution that is easy to integrate into their existing system and actually compliments their existing manual or automated workflow management processes.
“Our significant experience of working in the European market gives us insight into best practice and how to avoid some of the pitfalls associated with integrating an automated workflow management solution. The opening of the Boston office demonstrates CloudTrade’s commitment to extending our offering in the North American marketplace. We are already in several active sales cycles in North America and look forward to expanding both our partner, and direct client, networks over the next 24 months.”
One business which is already using CloudTrade's patented technology is San Francisco-based Taulia. Andy Stinnes, Chief Product Officer from Taulia, says: "Taulia's mission is to automate and optimize the financial supply chain. CloudTrade is an important part of our e-invoicing offering, and helps moves companies from a manual, paper-based approach to a simple, electronic way of doing business.