Intelligent document processing incorporates automation to capture, extract, and process data from various formats including, forms, images, PDFs, and ZIPs. By leveraging API-based technology, businesses are able to free up human capital to focus on higher-value tasks by automating the multitude of documents they need to handle on a daily basis. Base64.ai has built a sophisticated OCR document processing automation platform that can handle 700+ document types off the shelf with the ability to adapt to continuously improve and expand its capabilities through AI. By coupling AI with OCR, the platform is able not only exponentially improve data extraction accuracy vs just using OCR alone but also accommodate more types of documents. Base64.ai is flexible in its implementation with a cloud-based solution, on-premise, and can even be incorporated to power enterprise RPA platforms. With data, both unstructured and structured, powering the future of the enterprise and business, the intelligent data processing market is forecasted to demonstrate a 34.6% CAGR through 2027.
AlleyWatch caught up with Base64.ai Head of Marketing Andy Karuza to learn more about how the experience of onboarding Uber drivers served as the catalyst for the company, the company’s strategic plans, latest round of funding, and much, much more…
Who were your investors and how much did you raise?
$1.8M Seed led by Long Journey Ventures and Data Community Fund.
Tell us about the product or service that Base64.ai offers.
Base64.ai has the most advanced API-based OCR document processing automation solution. It works with 700+ types of documents right out of the box and can even handle multi-page and complex forms. Our solution can be applied online (cloud-based API), offline (on-premise solutions), on mobile devices, and through RPA tools such as UiPath. The user-friendly interface of Base64.ai enables operations managers and software engineers to build real-time document processing solutions with just a few clicks.
What inspired the start of Base64.ai?
Our founder Ozan Eren Bilgen’s teams at Uber spent countless hours dealing with onboarding drivers while processing drivers’ licenses and insurance cards for background checks and verifying contracts. He knew there just had to be a better way to automate it using today’s powerful advancements in AI to revolutionize OCR technology. Ozan’s vision from the start was to enable all operation managers and software engineers to build real-time document processing solutions with just a few clicks.
How is Base64.ai different?
Base64.ai was designed from the beginning to have a user-friendly interface that would enable any organization to enjoy the capabilities of AI for document processing without having to hire a team of machine learning experts. Our solution can handle all documents without templates, including 700+ types right out of the box. A form can be processed in seconds and passed through any application or workflow with a single API call. Base64.ai works with both on-premise and cloud-based use cases, including compatibility with RPA tools such as UiPath. Base64.ai is ultra-secure with SOC 2 compliant security and accepts all types of file formats such as images, PDFs, Microsoft/OpenOffice documents, and ZIPs.
What market does Base64.ai target, and how big is it?
Base64.ai is targeting the data entry industry across all types of companies. $100Bn is currently spent on data processing. 80% of executives are looking for automation solutions to boost productivity. 3% of employee time is spent on manual data processing. Manually processing a typical multi-page document takes on average a week to process, but now can be done in a few seconds with Base64.ai.
What’s your business model?
Base64.ai operates as a SaaS solution allowing companies to process their most complex documents for a few cents per page.
What are your post-COVID office plans??
Our team works remotely across multiple time zones from Europe to the West Coast. However, we also have an office in New York City.
What was the funding process like?
Thankfully, we worked with many great angels through the team’s collaborative professional network, which led to eventually meeting some great venture partners that helped us lead and close the round successfully.
What are the biggest challenges that you faced while raising capital?
As in anything in life, you have to prove yourself, so it was naturally harder to attract interest the first few months. That was until we started showing the results for our customers that kept them coming back again and again while having a multitude of new customers join us.
What factors about your business led your investors to write the check?
Our month-over-month growth has been inspiring, which has helped our fundraising story. We are now doing 20x the documents we did in 2021. This growth demonstrated the value of our service, a clear PMF (Product-Market Fit), and its potential to scale. The investors also liked that we were a team of self-starters that were all in on this business full time from the beginning, even without the funding.
Our month-over-month growth has been inspiring, which has helped our fundraising story. We are now doing 20x the documents we did in 2021. This growth demonstrated the value of our service, a clear PMF (Product-Market Fit), and its potential to scale. The investors also liked that we were a team of self-starters that were all in on this business full time from the beginning, even without the funding.
What are the milestones you plan to achieve in the next six months?
Base64.ai plans to expand operations in the Americas, Europe, the Middle East, and Africa. The Company is growing its reach through its global partners UiPath and Microsoft and regional partners, such as Practia in LATAM, Evolvant in the Middle East, and Propel Consult in the UK.
Our AI platform will continue to learn and evolve from every document it processes, allowing us to continue to add to the 700+ document types we can comfortably handle right out of the box for our customers today.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
As an investor myself, I always look for the 4 T’s. Team, timing, technology, and traction. If you can demonstrate you have the right team to do it, the market is ready for the solution today (and it’s significant), your technology has a unique selling proposition, and you’ve got traction. If you’ve got all 4 of those, then you have a great chance of raising funds.
Where do you see the company going now over the near term?
Thankfully we’ve seen some very explosive growth in our business and hope to continue that trajectory while adding high-caliber team members to help skyrocket it even further.
What’s your favorite outdoor dining restaurant in NYC?
Hole in The Wall is one of my favorite places for eating and drinks, whether it’s morning or evening. It also has a great environment inside and out.
