The combination of Duco and Metamaze creates a unique AI-powered platform that automates the processing of both structured and unstructured data throughout its lifecycle, and is a step-change to transform operations and finance departments.
Duco, the leading SaaS provider of AI-powered data automation, today announced it has acquired Metamaze, a fast-growing company in the unstructured data ingestion and Intelligent Document Processing (IDP) space. Metamaze uses AI and no-code techniques to accurately replace manual data extraction and classification from documents and emails for customers across multiple industries, with a strong focus on banking and insurance.
Most business data is not organised, sitting in various document formats like pdfs, emails, images… and is difficult to manage, with operations and finance teams often resorting to manual entry, for example to process insurance claims, structured loans, or orders and bills of lading. These processes have resisted automation for decades, creating cumbersome and low-value task work. By combining the power of the Metamaze and Duco platforms, customers can now easily ingest any type of data from any type of document and automate processes around it.
“Duco has taken a very extensive look at firms in this space and we are extremely pleased that, in Metamaze, we found a company that shares our vision of how software should be delivered – in the cloud, with AI doing the heavy lifting, and focused on a powerful business end-user experience, based on a no-code framework. By combining Metamaze with our proven enterprise-grade security and scale, we are rapidly delivering innovation safely to some of the world’s most demanding businesses,” said Christian Nentwich, Founder of Duco.
“Combining Duco’s and Metamaze’s capabilities and expertise fundamentally changes how firms deploy AI in their operations. Our customers will now be able to bring together all unstructured and structured data in a single platform and manage it through its full lifecycle. They can avoid point solutions and automate the biggest time wastes, such as manual data entry, manual data validation and reconciliation. This is highly transformative for areas like post-trade operations in financial services, which remains under-automated to this day. It is a massive step forward towards Duco’s vision of reducing the time spent on data related work in operations and finance teams by 90%,” adds Michael Chin, who recently joined Duco as the new CEO.
“We started Metamaze to tackle the huge and growing ‘unstructured data problem’. Most IDP platforms are limited by preset models, common document types, and fixed sets of fields. We’ve built Metamaze as an AI-powered self-learning intelligence platform that reads and interprets any document to extract information and data by itself. Embedding our tech into a complementary data automation suite, while scaling globally is our primary goal. We are very excited to join forces with Duco, who share our automation vision, and to grow Metamaze as a core part of Duco’s strategy,” said Niels Van Weereld, CEO and board member at Metamaze