Lazarus AI Secures Investment from WaveFx to Enhance Document Understanding Capabilities
Lazarus AI is focused on transforming the way organizations handle and process complex documents and data.
Company Name: Lazarus AI
Location: Cambridge, MA
Sector: AI, Document Understanding, OCR Technology
Funding Details: Received an investment from WaveFx, a New Bedford, MA-based founding partnership company. The amount of the deal was not disclosed.
Purpose of Investment: To expand operations and enhance development efforts.
Product and Innovation: Lazarus AI specializes in building explainable AI systems designed to address complex data challenges using advanced Optical Character Recognition (OCR) technology combined with their proprietary language model, RikAI-2. The platform processes data from various formats, including PDFs and images, across industries such as healthcare, insurance, law, and financial services. Key features include:
- Data Extraction
- Summarization
- Classification
- Reasoning
The platform excels at handling challenging inputs like unstructured data and even physician handwriting. By offering an API-only service, Lazarus AI streamlines data processing for various documents and images, significantly reducing the time required for tasks. For instance, its technology has reduced the timeline for reviewing and approving a disability claim from three weeks to just 30 minutes.
About the Company: Lazarus AI is focused on transforming the way organizations handle and process complex documents and data. By integrating cutting-edge AI and OCR technology, the company is at the forefront of improving efficiency and accuracy in document understanding across multiple sectors.
