Today: Apr 17, 2024

Startup Doctrine: AI crunches unstructured data into actionable insights

4 months ago
  • nRoad, a startup founded in 2021, is using deep learning technology to process unstructured data and generate insights which can be used by banks, financial institutions and insurance companies.
  • While most AI automation companies claim to have developed solutions for standard format documents, nRoad’s platform also works with complex documents such as legal agreements and company financials.
  • Looking at expansion, the startup sees potential in adjacent sectors like legal documents, healthcare, and pharmaceuticals, as well as other geographies like Europe and India.

nRoad is a document automation platform which has trained its AI models to detect information and generate analysis from financial and non-financial documents alike. The information detected from these documents is used to generate insights which can then be customised to the needs of a customer. The startup was founded by Aashish Mehta (CEO), Hrishikesh Rajpathak (CTO) and Prabodh Sunkara (COO).

The vast majority of data today is unstructured and not categorised in a way that is convenient for machines to analyse. nRoad’s technology is capable of processing this unstructured data, which could derive from websites or documents, to gather insights. This function has been found to be especially useful by banks, financial institutions, insurance companies, and rating agencies who require data analysis for risk management purposes.

Specifically, the technology can analyse unstructured data in the form of tables, paragraphs, infographics, and graphs, to name a few. A range of proprietary machine learning and deep learning techniques have been combined to provide a solution that can identify the different types of data in a document and then develop strategies to extract and analyse it further. Vision-based and natural language processing (NLP) algorithms are used as part of this process.

nRoad is presently focused on expanding its operations. Commenting on the startup’s expansion plans, Hrishikesh Rajpathak (CTO), mentioned that there is a significantly huge untapped market in the US. He noted that the company is looking at adjacent sectors like legal documents, healthcare, and pharmaceuticals, and other geographies like Europe and India.

Now, the focus is on continuous implementation of new technologies to improve the service. One area of focus is the development of advanced deep learning techniques and vision algorithms for large language models (LLMs). The aim is to keep improving the technology to meet the evolving needs of their customer base.