Gosselies, Belgium, January 7th, 2020
Moonoia, developer of AI-powered data recognition platform, announces launch of its new organization and strategic investment partnerships with Cayman Group
Moonoia, developer of the innovative docBrain AI platform, announced today that it has divested business operations from Soludoc CVBA and created the new business entity, Moonoia SA. As part of establishing the new organization, Moonoia also announced new strategic partnerships for capital investment with Belgium financial fund providers Cayman Group. Moonoia provides a wide portfolio of solutions at scale to solve complex document and data processing challenges for mission-critical workflows where traditional OCR/ICR technology fails to deliver acceptable results. Leveraging their new investors’ experiences and resources, Moonoia is able to accelerate product and market development for its flagship product docBrain, an AI platform which delivers the capabilities to build custom neural network models or use out of the box models to train user-specific datasets to read and extract data within a business workflow. docBrain augments automated workflows by providing quality assurance and automated learning – enabling processes to continuously improve output and accelerate business performance.
Moonoia was previously part of Soludoc CBVA (a Partena Group company), a Belgium-based BPO founded in 2011 to scan and process medical claims for many of Belgium’s largest mutualities and insurance providers. Multi-page medical claims processing is notoriously hard to automate because standard OCR technology is typically unable to read hand-annotated text and characters, such as doctors’ handwriting, clinical notes and pharmacy forms. As part of the Soludoc organization, Moonoia’s proprietary software was able to read, recognize and extract data with very high accuracy from medical insurance claims documents, reducing costs and time for claims processing workflows managed by Soludoc.
By leveraging its extensive experience in solving complex claims processing issues, Moonoia developed docBrain, an award-winning AI platform powered by machine learning technology. The docBrain platform uses deep neural networks to train, learn, adapt and improve document classification, data extraction and data validation – increasing data quality and accuracy, reducing processing costs and improving throughput for automated workflows. By delivering higher quality and accuracy for data extraction, docBrain boosts performance of automated business processes, helping organizations to generate better insights from data output sent to downstream applications and systems.
With integrations for RPA, mobile and other technologies, docBrain extracts structured and unstructured data (e.g. from documents, images or forms), then integrating into a business process workflow, validates extracted data against specific business rules and sends data output files to downstream systems. This enables companies of any size and scale to leverage docBrain’s AI platform as an off-the-shelf solution. For strategic AI initiatives and enterprise-scale projects (e.g. managing identity documents and private data for KYC and AML processes), Moonoia delivers bespoke solutions which leverage docBrain’s platform to provide a foundation for the AI-automated enterprise.
docBrain has been able to achieve quality and accuracy rates of over 98% for multi-page document classification and hand-annotated data extraction, enabling organizations to eliminate data entry errors, reduce operating costs and reassign employees managing manual data validation to higher value tasks. With current capabilities to recognize Latin and Arabic handwritten characters and script, docBrain’s language- and document-agnostic AI platform can automate processes and extract data for virtually any workflow and any language. Use cases and solutions include bulk document processing, invoice factoring, handwritten exam assessments, oil, gas and energy field notes, historical and damaged documents, check processing, medical and insurance claims, eID for KYC processes, clinical and pharmaceutical tests, and new customer applications.
“With the financial support and corporate guidance from our investment partner Groupe Cayman, our talented technical and commercial teams can accelerate our product development and go-to-market plans”, explains Geert Truyen, President of Moonoia. “Our team is working hand-in-hand with our valued docBrain technology partners to help them rapidly execute their AI strategies and augment their solution portfolios. For our customers across the globe, we can accelerate development of our feature-rich docBrain platform with even more capabilities, enabling our clients to further improve efficiency, reduce friction, improve insights and extract better value from their business processes. With the establishment of the new Moonoia organization, we are excited to have the operational structure and resources to expand our business reach to new vertical markets and geographies."
“Funding a project like Moonoia is in line with Cayman Group’s digital transformation strategy. We are investing in the development of the most advanced technologies out there and leverage these technologies across various other projects”, adds Olivier Cayman, Manager at Cayman Group.
About Cayman Group
Cayman Group (https://caymangroup.eu/) is a Belgian family-owned hotel operator, real-estate developer and property management company. Running over fifteen hotels in Belgium, it is the country’s biggest Accor group franchise. New partnerships with IHG and Marriott have also been announced, and the company is planning on further expanding its operations in Belgium and Europe.
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Creator of docBrain, the AI platform for unstructured data extraction, Moonoia (https://www.moonoia.com/) provides a wide portfolio of innovative and cost-effective solutions to solve complex document processing challenges for industries as diverse as insurance, logistics, energy, finance, healthcare and many more. Moonoia accelerates the digital transformation journey of today’s organizations looking to add accuracy to the speed and scale offered by automation.
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