SAN FRANCISCO--(BUSINESS WIRE)--Mindee, the developer platform for document understanding, announced today significant growth in its business since exiting stealth mode in October. The company is taking its API-first approach to new geographies, scaling its team to introduce new specialized products and features for different verticals while acquiring a growing list of marquee customers.
“Our mission is to continue to be a developer’s best friend. This year, our focus is building SDKs in all languages and equipping all use cases with tutorials,” said Jonathan Grandperrin, Co-Founder & CEO of Mindee. “For us, it’s not only about the technology but also about providing developers with the perfect recipe for solving industry challenges and adding value to their unique offerings.”
Since the October announcement of $14M Series A funding to further develop its API-first document understanding platform and expand its catalog of use cases, Mindee continues to accelerate momentum by entering the North American market. The company saw its annual recurring revenue (ARR) double over the past seven months, with more than 250% Net Dollar Retention Rate (+8% monthly) over the past 12 months.
Mindee continues to introduce new products and features, meeting increasing needs in the market, prompting the expansion to new vertical markets. Currently, the company is operating in industries such as medical insurance, real estate, banking, logistics, insurance, and retail. In addition, last year, customer partnerships also expanded, doubling its client pool by +50% over six months and building relationships with brands such as Circula, Lucca, EMEA Unicorns, Qonto, Payfit, and Spendesk.
Organizations see the critical value of document processing, automation, and document understanding either for their own processes' competitiveness or to build a new generation of software products and user experiences. Answering the call, Mindee provides developers with the best suite of tools and environments they need, including deep learning models available through API or via maintained client libraries and SDKs in various programming languages. The company continues to advocate for this holistic developer platform, with the most recent releases of Open Source SDKs & Libraries new features that address growing pain points among customers, including:
- Invoice parsing, new extracted fields with Node.JS SDK: Allowing the extraction of a customer's name, address, company registration, and supplier address from invoices for new Accounts Receivable or Invoice financing use cases.
- Python SDK V2 - Increasing compatibility by supporting a wider range of document types or OS.
- DocTR - Improving on raw OCR capability by supporting text detection on rotated and skewed documents and updating the classification model.
“Developers today are asking for new superpowers without trading their freedom or having to comply with the imposed rules of a ‘heavy client’ product with a standardized human interface,” said Frédéric Harper, Director of Developer Relations, Mindee. “Our goal at Mindee is to go beyond expectations and deliver the technology the industry craves.”
Through 2022 and beyond, Mindee aims to expand its client pool globally, with a proactive roadmap for the US. The brand intends to hire for more than 40 positions to further strengthen its role as the finest developer tool in the document understanding space.
Mindee will continue to challenge the status quo with significant advancements to its solutions - including an enhanced focus on DocTR and its API Platform - while expanding its catalog of use cases and entering new markets and geographies.
Mindee brings document understanding and OCR capabilities to every software developer globally by packaging its deep learning algorithms behind real-time, standard web APIs. Headquartered in San Francisco, CA, U.S. and Paris, France, the company serves the finance, research, insurance, government, healthcare, and logistics industries with state-of-the-art software for the developer community. Backed by venture capitalists including GGV Capital, Alven, Serena Capital, Venture Capital BPI France, as well as executive standouts from the application development industry, Mindee is well-positioned to take advantage of the robotics process automation trend. For more information visit us at: mindee.com and follow us on LinkedIn, Twitter