EchoVera Partner Lands U.S. Patent for Data Extraction with AI

EchoVera technology partner, CloudTrade, has been awarded a patent for invoice data  extraction with AI by the U.S. Patent and Trademark Office.

The patent is for CloudTrade’s Gramatica software, which uses unique artificial intelligence (AI) to search, interpret, validate, and extrapolate semantic meaning from supplier invoices.  The patent covers Europe, the U.S., and Australia.

CloudTrade’s technology allows businesses to send electronic invoices, purchase orders, and other business documents straight into the receiving ERP or accounting system.

“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.” – David Cocks, CEO of CloudTrade

The software is part of EchoVera’s Intelligent Data Capture solution.

Intelligent Data Capture intuitively detects various supplier invoices and other documents based on their layouts, and intuitively performs field mapping and data collection.

EchoVera’s solution helps AP departments transform all of their paper and emailed invoices into data that becomes part of an intelligent approval workflow.

CloudTrade technology captures data from PDF, CSV, XLS, EDI, HTML and more with 100% data accuracy. CloudTrade Logistics does freight invoice processing for clients and uses the same technology for both parcel freight and air cargo freight invoices.