Wins at New York Life Insurance Company and the FEC Validate Captricity’s Ability to Extract “Perfect Data” from Complex Paper Forms for Insurers, Government Agencies and Healthcare Organizations
Oakland, CA, January 27, 2015 – Captricity Inc., the Data-as-a-Service technology startup that transforms multi-channel data – including data generated by complex handwritten paper forms – into ready-to-process business information, today announced record growth in 2014.
Captricity’s growth in 2014, the strongest year in its history, comes as more organizations and federal agencies focus on eliminating manual data entry from existing processes to reduce costs, increase operational efficiency and enhance the customer experience, and thereby increase their data fluency and competitive edge.
Founded by Berkeley Computer Science PhD Kuang Chen, Captricity saw accelerated sales momentum as major organizations in heavily regulated industries such as insurance, healthcare, government and financial services began using the solution or expanded their existing implementations. Year-over-year bookings grew by 700%, monthly recurring revenues increasing thirty-sixfold and Captricity’s customer base grew by 300% year-over-year, led by partnerships with New York Life and the Federal Elections Commission (FEC).
“New York Life Insurance Company is pleased to be partnering with Captricity as we explore new technologies to innovate data entry processes," said Ed Walsh, corporate vice president of systems at New York Life, which is also an investor in the company. "Excellent data quality is key to a best-in-class customer experience, which makes Captricity's technology especially attractive as we look for easily scalable, innovative solutions in this area.”
Captricity’s product team also launched major enhancements to the Data-as-a-Service platform in 2014. New features included the Assisted Template Creator, helping to make the award-winning, self-serve UX easier to use, and the Data Hub, which standardizes data in a single, unified database that can be loaded seamlessly into backend systems.
“Imagine if regulated industries such as insurance, healthcare and government had the same data fluency as Amazon or Google. Why shouldn’t a government agency or life insurer be able to make data-driven decisions with modern competency?” said Captricity founder and CEO, Kuang Chen. “Our mission is to democratize data access and launch virtuous cycles of efficiency, transparency and progress for organizations that serve everyone. Our growth in 2014 indicates the huge opportunity for these organizations to have on-demand access to data generated by paper forms and applications with the same level of fluency as digital-native companies.”
In addition, the company added three key hires to its executive team. Elaine Zhou (VP Engineering), who comes to Captricity with a deep background in enterprise software development and building world-class engineering teams at Clean Power Finance, InterActiveCorp and PlanetOut, will help Captricity define, implement and bring to market its next-generation platform. Angshuman “Angshu” Guha (Chief Scientist), who previously worked in handwriting recognition and other machine learning problems, as well as massively-parallel distributed processing, at Google and Microsoft, will help Captricity implement the latest machine learning practices, including novel approaches to deep learning that promise to reach levels of accuracy that OCR has never seen before. Linda Kim (Head of Information Security), an information security professional with ten years of experience in the enterprise SaaS and government sectors, joins Captricity with a background in providing security consulting and assessment services for government, healthcare and payment security frameworks. Her familiarity with frameworks such as FedRAMP, HIPAA HITECH, ISO, PCI and SOC (1-3) will help further Captricity's position as a leader in secure cloud data storage.
As part of its mission to democratize data access, Captricity also launched Captricity.org in 2014, enabling non-profits to receive the company’s services at deeply discounted rates. The initiative has so far helped organizations including Young 1ove, Innovations for Poverty Action, The Challenge and Jhpiego.
In June 2014, Captricity closed its Series B round led by Atlas Venture, bringing total funds raised to $14 million. The company recently added key investors Chris Lynch (Atlas Venture) and Chamath Palihapitiya (The Social+Capital Partnership) to its board of directors.
Chen founded Captricity following his dissertation research in East Africa, where he experienced firsthand the importance and difficulty of transforming data from paper forms to computable formats. He developed the prototype for Captricity and commercialized the solution in 2011.
Captricity is the first cloud-native Data-as-a-Service platform that captures and converts data generated by paper forms and documents – including handwriting – into business-ready data, with an industry leading accuracy rate of more than 99.9%. Captricity’s award-winning, crowd-guided machine learning technology extracts data from any source – paper documents, scans, faxes, emails, call centers and web forms – and automatically connects to organizations’ existing backend systems without changing the way they work. Captricity customers include organizations from the insurance, healthcare, government, financial services and non-profit sectors. Learn more at www.captricity.com.