In the late 1980s, venture capitalists from Astarte, a Boulder-based business incubator, first visited the Soviet Union in search of new investment opportunities. They found a team of scientists at the elite Soviet Academy of Sciences working on a theory that a computer could actually read handwriting — something the most sophisticated software companies in the world could not achieve! By combining this theory with proprietary pattern-recognition technology, a Soviet- American joint venture called ParaGraph was born — one of the first companies created under the then-new policy of Perestroika.
Challenged by the limited computing power available in the Soviet Union, the ParaGraph team was forced to optimize their programming — a lasting trait that is one of the secret ingredients in Parascript’s recognition engines even today. Together, they developed a powerful demo: write any English word or phrase, and we’ll translate it into machine text. Armed with the new demo, they visited COMDEX around 1990.
The simple demo caught the attention of some of the biggest names in Silicon Valley (including Apple). Soon ParaGraph was fulfilling contracts to perform handwriting recognition on the first tablet computers. ParaGraph scientists then piqued the market’s interest once again with unique multimedia and 3D/virtual reality technology, triggering a sale of some ParaGraph assets to Silicon Graphics. It was during this crucial time, in 1996, that Parascript was formed.
Renowned for its pattern-recognition and image-analysis technologies, which led to handwriting recognition and document analysis products, Parascript has focused on broadening technology through business-process-enhancing recognition tools. For nearly two decades, these automation solutions have helped postal and financial organizations save countless billions in data entry expenses.
New ideas have always defined the culture at Parascript. In fact, it was one of the driving forces that led us to develop Parascript AccuDetect® computer-aided detection software and enter the medical imaging market in 2007. This solution leverages image analysis and pattern recognition technology to help radiologists identify suspicious lesions on mammogram images during the screening process. And our product development doesn’t stop there.
In 2011, our pattern recognition and analysis became the driving technology behind the Horus Fund, a hedge fund that uses Parascript’s proprietary software to systematically rank equity securities based on being highly under- or overvalued.
Improvement and innovation never stop at Parascript. As we look into the future we continually strive to leverage our pattern recognition technology to solve complex business challenges — and live up to the promise of delivering the world’s best recognition products — getting even better!