CORK, Ireland & NEW YORK--(BUSINESS WIRE)--Altada Technology Solutions, a global provider of artificial intelligence (AI) solutions that supercharge data-driven decision making in the financial services, travel/security and healthcare sectors, today announced the filing of three Track 1 U.S. patent applications designed to protect core intellectual property within Altada’s Doc Intelligence solution. These pending Track 1 patent applications with the United States Patent and Trademark Office (USPTO) include a computer-implemented method, a data processing system, and a computer program product for training a natural language processing model to identify entity data in a data set.
Altada’s patent-pending technology addresses a key issue with existing computer vision and process automation technologies. Current solutions do not allow for the review of complex, data-rich electronic documents that incorporate text, tables and images, such as documents found in the financial, medical and legal sectors. The Altada patent-pending solutions deliver proven accuracy and scalability and enhance human-based manual review of such complex, data-rich documents, improving a process that is time-consuming, expensive, and prone to human error.
“We make AI possible for our customers, and with our significant investment in U.S. patent protection we will also give them the comfort they need to deploy our unique models and platform in their business. These patent applications are significant because they demonstrate to the market and our customers how confident we are in our unique and innovative AI technology,” said Allan Beechinor, CEO of Altada.
He continued, “There are a multitude of data processing applications on the market that permit scanning and data extraction from simple documents like invoices and receipts. But Altada has created an AI platform with the power and scalability to ingest and analyze complex data and image-rich documents and deliver an array of accurate, nuanced and targeted analytics that the financial, medical and legal sectors need in order to digitally transform with confidence. These patent applications will further extend our leadership and maturity in markets such as non-performing loans. We know what it takes to deploy and scale AI with confidence in complex sectors like finance, and we have the technology, teams and IP portfolio to drive high-value outcomes for our customers across their business.”
Altada is filing these fast-track patent applications to deliver patent-protected, next-generation digital transformation technology to its customers. The company’s sophisticated AI platform is differentiated through the use of unique open-domain and closed-domain question-answering models and a text training pipeline, as well as a segment training pipeline. Its patent applications will protect proprietary Altada technology that differs significantly from existing computer vision and process automation solutions. By looking forward and securing key intellectual property around the review and extraction of data from complex electronic documents, Altada and its customers gain a long-term strategic advantage.
“It is rare that a fast-scaling company devotes such significant resources and budget to organizing and protecting its intellectual property assets. But Altada is not like other fast-scaling companies, because we know that our talent is our key asset – and we invest heavily in that talent and in protecting our creations,” said Brian McElligott, Chief IP Counsel at Altada. “We do this by working closely, in a structured manner, with our data science and software teams to tag and harvest the outputs of their project sprints. Those outputs are sent to an intellectual property committee for analysis, and suitable innovations can be sent forward for patent analysis.”
He added that the three new patent applications were done on an expedited or Track 1 basis, “meaning that our applications may mature to registration in as little as 12 months. This investment in hard IP shows our customers and investors that we know what is valuable to them and that we are willing to put expertise and resources behind that strategy.”
About Altada
Founded in 2017, Altada is a global provider of artificial intelligence (AI) solutions that supercharge data-driven decision making in financial services, travel/security and healthcare. The company’s Data Intelligence Platform integrates the first AI engine that leverages optical character recognition (OCR) and natural language processing (NLP) to analyze large volumes of structured and unstructured data, enabling users to not only make sense of their information but to also gain meaningful market insights that drive competitive advantage. Altada is headquartered in Cork, Ireland, and operates 13 offices across Europe, the US and Asia, including Dublin, Malta, London, Miami, West Palm Beach, Austin, New York, San Francisco, Delhi and Singapore. Privately-held, Altada is backed by venture investment from Rocktop Partners, Elkstone Partners and Enterprise Ireland. To learn more, please visit https://www.altada.com/.
