ReciTAL, a French artificial intelligence startup, has raised €3.5 million from Breega to continue developing its deep learning business software.
The Parisian startup applies artificial intelligence, specifically natural language processing (NLP), to business processes, helping enterprises extract data from contracts, emails, and other documents. A simple query retrieves the right information in a second.
The automation of course saves time, but also smooths out customer relations and makes risk assessments more reliable — benefits that clients, particularly major banks and insurers, like to see. The tech-heavy ‘document intelligence’ platform is easy to use by all employees in an organisation, amounting to about 40,000 current users.
Founded in 2017, reciTAL’s 30-person team boasts six PhDs and is guided by a scientific committee that includes Antoine Bordes, the director of Facebook AI Research in Europe. Co-founders Gilles Moyse and Frédéric Allary believe NLP software could be as big of an corporate game changer as the CRM or ERP (enterprise resource planning).
Photo: Founders Gilles Moyse and Frédéric Allary