HomeUSALazarus AI Receives Investment from WaveFx

Lazarus AI Receives Investment from WaveFx

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Lazarus AI, a Cambridge MA-based document understanding company, received an investment from WaveFx, a New Bedford, MA based founding partnership company.

The amount of the deal was not disclosed.

The company intends to use the funds to expand operations and its development efforts.

Lazarus AI builds explainable AI systems to help solve data challenges with Optical Character Recognition (OCR) technology combined with their new, proprietary language model, RikAI-2. This model processes data from various formats such as PDFs and images in industries including healthcare, insurance, law and financial services. Key features include:

  • Data extraction
  • Summarization
  • Classification
  • Reasoning

It even handles challenging inputs like unstructured data and physician handwriting.

The API-only service streamlines data processes for various documents and images. For example, its AI technology has reduced the timeline for reviewing and approving a disability claim from three weeks to 30 minutes.

FinSMEs

22/08/2024

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