Don’t Settle for the Usual Suspects

by:
last updated:

Don’t Settle for the Usual Suspects

by:
last updated:

Meet Cognaize, one of IDP’s best-kept secrets for financial document understanding

There are hundreds of interesting IDP companies that never show up in those magic-zone-scape-wave reports by the mainstream analysts. These companies have brilliant teams and specialty products that will solve your document problems better than the “usual suspects” covered in those limited reports.

At Deep Analysis, we like to think we provide a free public service to end users by digging, erm, deeper into the market. We uncover and report on the “unusual suspects”: the lesser-known IDP innovators and the new rising stars who can’t yet afford an analyst relations budget.

Recently I was briefed by one of those hidden gems: Cognaize. I also met one of the IDP market’s busiest AI visionaries: Vahe Andonians, the CTO, Chief Product Officer, and founder of Cognaize. He is also a banker, data scientist, and senior lecturer on AI and Deep Learning at the Frankfurt School of Finance & Management. Vahe is a leading proponent of hybrid intelligence, which he describes as “the symbiotic relationship between human expertise and AI capabilities…combining the precision of AI with the nuanced understanding of human experts, driving unparalleled efficiency and accuracy.”

After studying machine learning and neural nets at university, Vahe became an investment banker, and his experience made him an expert on the challenges of data extraction from complex financial statements and reports. Combining his financial expertise with his AI skills, Vahe built business intelligence software for structured credit investors and sold that to Moodys in 2017. In that same year, he recalls that “the Google transformer paper got my attention!” (If you didn’t get that joke, don’t feel left out; that is one of the most “AI insider” jokes you’ll ever encounter.)

In 2019, Cognaize was founded by Vahe in his homeland Armenia and later relocated to New York City to be close to the epicenter of financial document analysis. The company’s slogan perfectly captures the value proposition: developed for financial experts, by financial experts. Unsurprisingly, its first customer was Moodys, who wanted software to assist their business analysts by extracting data from financial documents.

Cognaize has since raised over $20 million, grown to over 120 employees, and built a blue-chip customer base that includes two global ratings agencies and several international banks. Along the way, Cognaize became proficient at extracting tabular data and in the integration of knowledge graphs with LLMs. Its chief innovation centers around going deeper into active learning and using production data to continually improve annotating.

Financial businesses looking for a document automation solution should not confine themselves to short-listing only the “usual suspects” from the mainstream analyst reports; that is just being lazy. They should also consider a best-in-class financial document solution from a company like Cognaize.

If you are interested in a deeper dive into the Cognaize business, products and technology, Deep Analysis is working on a detailed vendor report that will soon be available to our research subscribers. 

 

Subscribe to our monthly newsletter

Leave a Comment

Subscribe to our monthly newsletter

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.

Work Intelligence Market Analysis 2024-2029