In 2017, CloudTrade, the leading provider of cloud based e-invoicing and e-document processing services, announced that its proprietary document data extraction software had 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; examples include 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.
CEO, David Cocks, commented: “CloudTrade is committed to developing innovative software solutions and this patent demonstrates the novelty of our approach to document data extraction. Using Gramatica, we have solved an old problem of how to get a computer to interpret a human-readable document by matching patterns using AI and this 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’s office in Boston, Massachusetts was set up to satisfy the increasing demand for its solutions in the North American markets.