PUNE, India, Sept. 9, 2021 /PRNewswire/ — Mavenick Consulting, the parent company of KlearStack, today announced signing of definitive agreements for a strategic investment round led by GI Projects Pte. Ltd., Singapore (part of Virenxia group) and India based ITCube Solutions Pvt. Ltd. Mavenick Consulting has been providing Artificial Intelligence solutions to diverse industries globally since 2018. Their KlearStack SaaS platform offers end-to-end AI-driven solutions to capture and interpret data from documents and images, also called Intelligent Document Processing (IDP).
“KlearStack has clients globally from various domains. The new funding will help fast-track our roadmap to provide significantly improved customer experience. This will positively impact all our employees, partners, and customers. We are now one step closer to what we always aspire to be – the go-to platform for IDP solutions,” noted the Founder and CEO of KlearStack, Ashutosh Saitwal.
CEO and Chairman of Virenxia, Satyam K. Bose echoed as he commented, “Our strategic investment in Mavenick Consulting is a testament to Virenxia’s commitment towards our long-term vision of pioneering the world’s first Socioeconomic Empowerment Company.” This collaboration will mutually benefit KlearStack and Virenxia realize their shared vision of sustainability.
Partner investor, ITCube Solutions’ CEO, Uday Inamdar, mentioned, “The world is moving towards automation and KlearStack has all the necessary expertise to provide world-class solutions to enterprises. In this strategic partnership, we will work closely with KlearStack leadership in product innovation and Go-To-Market to help enterprises in their digital transformation journey.”
The KlearStack team has ascertained a clear roadmap ahead with this milestone; to further strengthen its capabilities in intelligent document processing. KlearStack already has out-of-the-box solutions for various document types like invoices, purchase orders, expense receipts, loan documents, mandate forms, insurance documents etc. One of the major innovations planned is the DIY machine learning platform for users, who do not possess data science skills, to make their own custom solutions.
The global IDP solutions market is predicted to have a CAGR (Compounded Annual Growth Rate) of 36.8% by 2026 which clearly presents a great worldwide opportunity for structured and unstructured document transformation. With this strategic investment, KlearStack is now poised to break new ground in cloud-based IDP market.
Mavenick’s ground-breaking SaaS solution, KlearStack is a fully automated AI platform that accelerates digital transformation across industries, through IDP solutions and APIs. The platform incorporates Deep Learning, OCR, and NLP to contextually extract and interpret data from documents, thereby improving decision making and, reducing time for the enterprises.
The winner of India NTT Data Innovation Contest 2019 and global finalist at NTT Data Innovation Contest 2020, Tokyo; KlearStack firmly believes in empowering businesses to mine unstructured documents for actionable insights.
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