Unrivalled AI powered document handling and data extraction system: Archii

Programme(s)
H2020-EU.3. - PRIORITY 'Societal challenges
H2020-EU.2.3. - INDUSTRIAL LEADERSHIP - Innovation In SMEs
H2020-EU.2.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies

Topic(s): EIC-SMEInst-2018-2020 - SME instrument

Call for proposal: H2020-SMEInst-2018-2020-1

Funding Scheme: SME-1 - SME instrument phase 1

Grant agreement ID: 856266

Project description
Smart document management solution for SMEs
Many businesses organise their paperwork with document management software solutions to minimise time, costs and issues related to what seems like a never-ending stream of legal and financial texts. However, present software solutions are not fully automatic and require training and lots of human work. For SMEs, this is not cost-efficient. The EU-funded Archii project proposes a newly developed product that is fully automatic, economical, and uses artificial intelligence to identify and manage various documents in full plug-and-play mode. Archii can also extract information from texts to convert it into actionable intelligence. The new software will be tested and commercialised to support the management needs of SMEs.

Objective
For any SME, document management becomes a nightmare once it starts to grow and generates vast amount of legal and financial documents. The implications of improper document management range from missing/lost documents to unfavourable business decisions to non-compliance. To solve this problem, other companies have launched (intelligent) document management solutions (DMS), but these products often come with several drawbacks, e.g. product being project based and for large corporations, not plug-n-play (requires extensive pre-training), and still requires manual input from employees (not fully automatic). These drawbacks cause the existing solutions to become expensive, inefficient and time consuming, in turn, forcing SMEs to opt out.

ARCHII, a Danish SME, was founded solely to fulfil this unmet need of a highly accurate, efficient, fully automatic and cheap DMS for SMEs worldwide. The resulting solution - “Archii” - relies on artificial intelligence to identify and organize legal and financial documents. Archii has been trained with 50 thousand real company documents making it the only fully plug-n-play DMS for legal and financial documents available in the market. Archii finds and organizes documents by analysing its content (irrespective of location and filename) with 95% accuracy. Also, Archii converts information from inside each document into actionable intelligence (e.g. contracts’ expiry, GDRP risks etc.).

To commercialize Archii in 2021 and to penetrate a market worth 7$B, ARCHII needs to (1) improve product-market fit; (2) develop a generic, scalable business model; and (3) demonstrate and document the benefits of Archii to increase market awareness. These comprise the innovation project objectives (Phase-1 and -2). By successfully achieving these objectives, ARCHII will position itself as a leading DMS provider to SMEs worldwide, with predicted revenues of ~32M€, 5 years post-project.