Press Release: September 14, 2019
KlearStack, a AI/ML fintech platform in the B2B business space, has won the coveted Judges Choice award and Second Prize at the Open Innvation Challenge organised by NTT DATA for India Region. The winners from every country will now compete at the Global Grand Finale at Tokyo in January 2020. The Pune-based firm was selected at Open Innovation India Finale held at Banglore on Sept 09, 2019. This award acknowledges exceptional and innovative startups among various sectors like Healthcare; Finance; Telecom and IoT; Smart Automation; Data Distribution and Disruptive Social Innovation.
KlearStack platform objective is to use artificial intelligence for extracting insight/ meaningful structured data from unstructured documents. With innovative KlearStack technology, the company has already solved 2 use cases - namely supplier invoice processing and Foreign Exchange Transaction auditing/ fraud detection.
For instance, every mid to large enterprise generally needs to process thousands of supplier invoices every month. Their Accounts Payable dept needs to read these invoices, extract information like Invoice Number, Invoice data, Line-item description, etc. This processing in most organizations is manual today. Besides, most of the existing solutions that automate the data extraction use templates and rules; these are not only very time consuming and costly, but also very fragile and non-scalable approach. KlearStack has a ground-breaking solution! It provides automated data extraction using Machine Learning, without needing any templates and rules. Pushing the automation further, RPA bots read this extracted data, perform 3-way validation and enter data in the ERP system. Completely End-to-end Invoice process Automation!
NTT Data is a world's leading IT services provider headquartered in Tokyo, with business operations in over 50 countries. It organises an Open Innovation Contest (OiC) for startups every year, to offer the winner an opportunity to access its worldwide network and grow. “NTT DATA’s Open Innovation Contest exists to help society-changing technologies and ideas get their start,” said Eric Clark, Chief Digital Officer, NTT DATA Services.
In India, hundreds of startups had participated in the OiC 10.0; Out of which, only 10 startups were shortlisted for the regional finale.
Following the selection of winner(s) at each regional contest, NTT DATA experts will work with their respective winner(s) to determine where the startup company’s product or service could be used in NTT DATA’s client ecosystem.
Judges qouted that KlearStack's solution touched the chords with all of the judges and that is why, they are sending two teams from india this year for Global Grand finale at Tokyo.
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