Latest news with #fileAI
Business Wire
3 days ago
- Business
- Business Wire
fileAI Launches V2 Platform, Empowering Enterprises and SMBs with AI-Powered File Parsing and Data Collection for Enhanced Workflow Automation
SINGAPORE--(BUSINESS WIRE)-- fileAI, a leader in AI-powered workflow automation, today announced the launch of its V2 platform, a next-generation solution designed to help enterprises and SMBs access, collect, and structure business data trapped in unstructured formats, siloed systems, and disconnected databases. fileAI's platform enables organizations across financial services, legal, insurance, and accounting to automate high-volume, high-stakes workflows with precision. Today, up to 80–90% of global business content is fragmented, spanning PDFs, spreadsheets, emails, handwritten notes, and more. These disconnected systems and formats are core blockers to automation and AI adoption. Rather than focusing only on the end of the workflow, fileAI leverages years of R&D and direct customer feedback to tackle the critical enterprise challenges of turning fragmented, unstructured inputs into clean, structured data. With an MCP-ready architecture and flexible self-service pricing starting at $0, it's designed for speed, scale, and real-world adoption. 'fileAI v2 is a game-changer for enterprises and SMBs struggling to unlock the value of unstructured data,' said Christian Schneider, CEO and Co-founder at fileAI. 'Our focus has always been on the foundation, delivering the cleanest, most accurate data possible so AI workflows actually work. Even the slightest inconsistency results in costly errors. This isn't just an upgrade, it's a redefinition of what file intelligence can do.' Key Features of the fileAI V2 Platform: Beethoven and Decider models: Parse, extract, and classify data from diverse file types, including contracts, images, free text, invoices, financial statements, legal forms and more with industry-leading accuracy. Easily handles variations in layout, language, and handwriting, always ensuring accurate results. Match and Compare engine: Automatically detects discrepancies, clause variations, and anomalies across documents, crucial for compliance, risk, and due diligence. Answer Engine: Enables users to query, chat, and extract insights across multiple documents using internal data and relevant web context. fileAI Drive: A secure document repository with robust access controls and integrations with Google Drive, Dropbox, and APIs. From enterprise developers to fast-growing startups, fileAI's V2 platform can automate complex document workflows with ease. With advanced AI OCR and schema generation, the platform handles high-volume document processing with precision, consistency, and efficiency, regardless of complexity or volume. Since 2024, fileAI has created over 200 million AI schemas, saving clients an estimated 320,000 hours and $6 million in processing costs. Additionally, through partnerships with industry leaders like Nvidia, Oracle, AWS, and Google, fileAI extends its reach and reinforces its role as a trusted solution for startups and enterprises alike in an AI-driven future. These capabilities make fileAI especially well-suited for industries where accuracy, trust, and compliance are critical, including: Financial Services: Streamlines transaction validation, KYC/AML, reconciliations, and manages risk and regulatory requirements Legal Teams: Performs clause comparison, contract review, and compliance checks Insurance: Brings speed and scale to claims processing, policy validation, and regulatory reporting Accounting: Simplifies invoice matching, audit readiness, and expense tracking 'fileAI has been a game-changer for our operational processes here at Daiwa Capital Markets Singapore Limited. It handles the complexity of our financial documents with ease,' said Charles Ong, Head of Finance. 'Allowing us to automate key workflows with minimal manual input is essential to streamlining our record keeping of vendor payments and financial statement disclosure and reporting processes, and we look forward to scaling even further with the platform.' 'Organizations in financial services, legal, insurance, and accounting face mounting pressure to automate while navigating rising regulatory complexity and shifting market demands,' said Tim Prugar, Head of Product & Engineering at fileAI. 'Instead of being held back by outdated processes and fragmented data, fileAI gives them the tools to access, structure, and act on critical information to drive successful business outcomes.' To learn more about fileAI and the V2 platform, please visit us at About fileAI fileAI is the leading AI-native workflow automation platform and the world's only horizontal file processing agent, designed to automate complex, unstructured data workflows at scale. Leveraging advanced predictive AI, vision language models (vLMs), and large language models (LLMs), fileAI simplifies data extraction, organization, and enrichment across diverse file types, including PDFs, spreadsheets, emails, text, and images. Trusted by global enterprises such as MS&AD, Toshiba, KFC, DirectAsia, Nippon, and Keppel, fileAI processes over 200 million files annually, significantly enhancing productivity, reducing operational costs, and redefining efficiency for businesses worldwide. With support for over 200 languages, fileAI empowers organizations of all sizes to seamlessly transform high-volume, knowledge-intensive processes into accurate, fully automated workflows.
Business Times
23-04-2025
- Business
- Business Times
Two women entrepreneurs on how they tackled tradition and gender biases to transform their businesses
[SINGAPORE] Jenny Tay and Clare Leighton share one thing in common: they are women leading their respective small and medium-sized enterprises (SMEs) – Direct Funeral Services and fileAI, respectively – and who have refined business operations in their sectors, introduced innovation and challenged longstanding industry norms. Both told their stories at UOB's womenpreneur panel discussion held at the National Gallery Singapore on Apr 11. Direct Funeral Services Just over a decade after taking over the family business, managing director Jenny Tay and her husband, Darren Cheng, its chief executive officer, have instituted wide-ranging changes at Direct Funeral Services. The company was set up in the 90s by her father, Roland Tay, who is well-known for offering pro bono funerals for the underprivileged and victims of tragic, high-profile murder cases. He has handed over the management reins to his daughter and son-in-law, but still plays a role manning the company's customer hotline. In 2013, the young couple stepped into the business 'out of love', inspired by the elder Tay's commitment to helping others. But their early days were not easy. They came up against resistance from industry veterans, who asked why a well-educated woman like Jenny Tay would enter what they saw as a 'dying trade'. A NEWSLETTER FOR YOU Friday, 8.30 am SGSME Get updates on Singapore's SME community, along with profiles, news and tips. Sign Up Sign Up The couple set out to challenge outdated perceptions. Their first step was to professionalise the team by introducing uniforms, streamlining the workflow and elevating the standard of service. Though change did not happen overnight, Jenny Tay noted that the company's staff felt that they came to be accorded more respect by their clients, who even addressed them by name. Since the couple took over, they have introduced personalised memorial biographies for their clients, Jenny Tay told The Business Times on the sidelines of the UOB panel discussion. These biographies are generated by an in-house-developed artificial intelligence (AI) platform that creates the life stories of the deceased – shifting the focus at wakes from how someone died to how they lived. Direct Funeral Services had started out writing each biography from scratch, but as demand for these memorial biographies grew, AI enabled them to offer this service at scale. Families furnish the key details, and the system comes up with the life stories that are shared at wakes and memorials. Jenny Tay said that machine-generated biographies may seem less personal, but they reduce the emotional strain of repeated questions from visitors at wakes. This enables visitors to connect with the person's legacy in a more meaningful way. A tech innovation introduced in March was the Memory Weave app, through which guests at wakes and memorials contribute photos and videos of the deceased as a digital gift to the family. These go on show on a monitor at the funeral. Another innovation is the use of therapeutic music through a collaboration with the Teng Ensemble, a Singaporean Chinese fusion music group, to support individuals coping with grief. Jenny Tay was inspired after attending one of the group's concerts, where binaural beats were woven into their compositions to ease anxiety. This method is already being used in hospitals and eldercare homes. 'It sparked in me that we can use that for our grieving families,' she said. Following studies with higher learning institutions, Direct Funeral Services incorporated monaural beats – suitable for open settings like wakes – into their funeral music. The result is a calming soundscape that helps the bereaved process emotions more naturally. This will be launched by August. The couple also went on to found Direct Life Foundation, the charitable arm of Direct Funeral Services which supports vulnerable seniors and underprivileged children through community care. Direct Funeral Services has undergone significant growth and transformation since 2013, expanding from a five-person team to a staff of 80. Once largely made up of workers in their 40s to 60s, the team now comprises mainly younger professionals in their 20s to 40s. They have seen a fifteenfold increase in revenue since 2013, the managing director said. 'Our people find the work meaningful,' Jenny Tay said. 'With our commitment to raising service standards in the industry, we've earned the trust of families – many of whom return to us because they believe in what we do.' FileAI Leighton, co-founder and chief operating officer of fileAI, did not face the challenge of bringing a traditional business up to date like Tay did, but said she had to contend with other biases. Set up at the height of the Covid-19 pandemic, the Singapore-based startup was the result of integrating AI and machine learning to better manage documents and information. Leighton said the idea for the business came from a pain point she experienced first-hand, when she had to get a large volume of documents organised. FileAI uses a combination of off-the-shelf and proprietary AI to automate the extraction and processing of unstructured data – imposing organisation on the data found in, for example, PDFs, spreadsheets and e-mails. It helps businesses streamline high-volume workflows across industries such as finance, insurance and supply chain operations. She told The Business Times: 'We felt it acutely. During the lockdown, when early customers weren't drawing revenue, they were still willing to subscribe and pay for a product they couldn't even see. That kind of validation gave us the confidence to keep building (the business).' The Australian's journey into tech began in 2016 at a fledgling Uber, at a time of its rapid growth. 'Uber (at that time) was a great case study and cautionary tale for companies that do not properly address diversity and inclusion early, also with leadership and development,' she said. She said that during Uber's hypergrowth phase, promotions happened rapidly – leading to unconscious bias and systemic issues in hiring. 'We talk about it now as 'cookie-cutter hiring'. The thinking was: 'Did they go to the same university as him, have the same degree?' It was hiring done in your own image, and it stifled diversity and innovation,' Leighton said. These experiences shaped her approach to leadership at fileAI. She believes in removing the so-called 'gender lens' that typically frames women's stories around identity, rather than their capability. While she acknowledges the challenges of being a woman in tech, she is careful not to overemphasise gender in evaluating success. Leighton said: 'A lot of my mentors, a lot of the growth and opportunities I was given, were merit-based, and it was with men in the room, or men leading me. So while we need more female leadership, it is limiting to think we need only women mentors.' Just five years since its launch, fileAI now operates in 18 countries, with teams in five of them. The company has grown steadily and, as of February this year, raised US$14 million in a Series A funding, further cementing its place in the AI-driven productivity space.
