July 15th, 2020, Montreal, Québec, Canada – Following the establishment of their strategic partnership in 2018, Irosoft (IR) and Objectif Lune (OL) now announce their success in securing funding from the Quebec Government Artificial Intelligence (AI) Innovation program known as PROMPT AI. This initiative, whose mission is to stimulate research and development collaborations between universities and corporate partners, aims to increase the competitiveness of the information and communications technologies industry. Prompt AI was established in 2019 to support and promote Quebec’s interests in AI innovation.
OL will work with IR’s AI division, LexRockAI (LR), as well as IVADO, the university research partners for this project, to develop an active learning platform, which would identify specific information contained in transactional documents. These include invoices, purchase orders, statements and more, in both PDF and printed formats. The partners aim to develop a solution, which will effectively train an AI model to actively learn and recognise specific data before extracting it. The location of required data would be automatically determined in documents of any length, thereby reducing the time needed to perform such tasks. Beneficiaries of this technological breakthrough would include companies in markets such as insurance and financial services, who process millions of transactional documents per month, with approximately 90% of these done manually.
This partnership brings together two Montreal-based leaders with similar histories, who have taken their success in Québec to the global stage. Both regarded as leaders in their respective fields, IR and OL were founded within months of each other in 1995, part of Quebec’s ongoing technological boom. Their combined know-how forms an integral part of this collaboration, which aims to take information extraction and document processing solutions, to new heights.
“We’re very excited to be working together on this new and innovative project, something that wouldn’t be possible without leveraging the combined expertise of both Objectif Lune and LexRockAI. This, along with IVADO’s research, will allow us to develop an AI-based solution positioned to take on new markets. The support we’ve received by the provincial government of Québec will allow us to create new jobs and continue the efforts to push our local tech talent on the world stage” remarked Alain Lavoie and Didier Gombert, CEOs of LexRockAI and Objectif Lune respectively.
For his part, Luc Sirois, Executive Director of Prompt AI, said, “Having been allocated $20 million for AI innovation by the Ministère de l’économie et de l’innovation, one of our goals is to support projects with strong potential to transform Québec’s economy. By encouraging partnerships between industry and academia, we aim to solidify Québec’s strong expertise in the AI industry. This collaboration between Objectif Lune, LexRockAI, and IVADO is a clear example of this and we’re proud to support them.”
Commenting on the news, Gilles Savard, Managing Director of IVADO stated, “This partnership perfectly illustrates IVADO’s mission, which is to mobilise Montreal’s world-class AI expertise and increase its adoption by our socio-economic partners.”
“This makes a powerful statement in which two reputable Quebec tech. companies, come together to engage with university research partners and solve challenges with their technological expertise. It’s a win across the board and we’re thrilled to have the opportunity!” remarked, Alain Lavoie, Didier Gombert, and Gilles Savard.
About Objectif Lune
Since 1995, Objectif Lune’s mission has been to help organisations work smart, by leveraging technology to compose, automate, and exchange personalized and interactive business communications. Whether through print, web, email or mobile, their flexible software solutions seamlessly integrate with existing systems, to enable businesses to nurture close relationships with their customers.
Always at the forefront of the latest developments and continuously pushing the boundaries, solutions have evolved towards integrating AI and cloud technologies. With scalable platforms, they assist companies of any size, today and help them as their business expands, tomorrow.
Having taken their Montreal “savoir faire” internationally, Objectif Lune is proud to serve over 25,000 corporate customers, located in virtually every country around the globe. With applications, professional services, and customer support offered in several languages, by local teams, Objectif Lune strives to ensure that wherever they may be, partners and customers never walk alone.
As CEO Didier Gombert says, “At Objectif Lune, customer satisfaction is at the heart of everything we do and their success, makes ours!”.
About Irosoft
Founded in 1995, Irosoft is a services and technologies company specializing in the valorization of structured and unstructured data. It develops tools, algorithms, and products based on
natural language processing (NLP) and on modern machine-learning and artificial intelligence (AI) techniques, which enables its clients to transform simple information into practical usable data. With its team of specialized and experienced consultants, Irosoft also offers a large array of consulting services in the field of information management and digital transformation. Based in Montreal (Canada), an important AI development centre, Irosoft is very much involved in the IT ecosystem and keeps abreast of the latest trends and methodologies in artificial intelligence (AI). Irosoft’s main markets are the financial and insurance (FinTech), the legal (LegalTech), and the governmental fields.
About LexRockAI
LexRockAI is a “spin-off” of existing activities, talent, and technologies of its parent organisation, Irosoft and draws on nearly 25 years of experience, expertise, and intellectual property. It is dedicated exclusively to the development and marketing of products using artificial intelligence for the financial and insurance sectors, law firms, and the legal departments of large companies and organizations.
LexRockAI‘s technologies enable users to read, review, analyze, and extract information from documents faster and more accurately using artificial intelligence. These technologies increase the productivity of users in their daily tasks. Tasks that are usually completed manually over several hours, can be accomplished in just a few minutes using these technologies. Users can therefore concentrate on more intellectual tasks and leave the repetitive and tedious ones to AI. Experience has shown that these technologies improve the speed of execution of users by 200% to 500%.
About IVADO
The Institute for data valorization (IVADO) was born out of an initiative by HEC Montréal, Polytechnique Montréal, and Université de Montréal, that brings together more than 120 industrial, academic, and government partners. With more than 1,400 scientists, IVADO is a centre of advanced and multidisciplinary expertise in the fields of statistics, artificial intelligence, and operational research. Its mission is to : 1) Participate in the development of an economic sector based on the use of massive data for decision-making; 2) Develop privileged partnerships between industry and administrative, social, and academic circles; 3) Contribute to the advancement of knowledge and train new generations of data scientists; and 4) Promote the exchange and sharing of knowledge between specialists, partners, researchers and students. IVADO brings together six research centres: Canada Excellence Research Chair in Data Science for Decision Making, CIRRELT, CRM, GERAD, MILA and Tech3Lab.
The vision is to make Montréal and Québec, international economic and scientific hubs for research, training, technology transfer, and added-value generation. Additional goals include the creation of organizations and employment, driven by data processing for decision making.
About Prompt AI
Prompt aims to facilitate the creation of partnerships and the funding of R&D projects in information and communication technologies (ICT), digital, and artificial intelligence, between companies and the public research community. As an industrial research cluster (RSRI) of the ICT and digital sector, Prompt is the organization designated by the Government of Québec in these strategic sectors.
SOURCES: Irosoft Inc. and Objectif Lune Inc.
RELATED LINKS: http://www.irosoft.com and http://www.objectiflune.com
