Box announces the acquisition of Alphamoon’s AI-powered Intelligent Document Processing (IDP) technology. With this acquisition, Box aims to improve document processing automation and metadata extraction for its customers.
Intelligent Content Cloud player Box has announced the acquisition of Polish startup Alphamoon and its artificial intelligence (AI)-based intelligent document processing (IDP) technology. With this acquisition, and that of document management automation specialist Crooze in early 2024, Box aims to enhance its Box AI intelligent content management (ICM) platform. To do this, the company plans to make life easier for its customers when it comes to automating document-related tasks and extracting metadata.
Task automation and metadata extraction
According to Box, acquiring Alphamoon’s technology will enable its customers to support a number of use cases and projects with numerous benefits, such as:
- Automating metadata extraction from business documents allows users to leverage information stored in invoices, purchase orders, financial statements, contracts, leases, etc.
- Streamlining workflows based on extracted metadata, such as using metadata to understand if a legal contract is missing information and alerting a legal assistant to complete it;
- Integrating extracted information with external applications like Salesforce;
- Improving industry-specific processes, such as financial document analysis in the financial services sector.
Technologies related to intelligent document processing
Box assures that Alphamoon’s IDP technology will leverage:
- OCR technology to intelligently understand complex document structures;
- Leading AI models (such as GPT-4 and Gemini) to drive innovation in metadata extraction to enable Box customers to structure their unstructured content in a simple and easy-to-use way;
- Box’s enterprise-grade security and policies and their application to AI implementation, without additional training, to ensure all customer data remains safe and secure.
