Parascript the Company
Parascript automates the extraction of meaningful, contextual data from image and document-based information to support transactions, information governance, fraud prevention, and business processes. Parascript software processes any document with any data from any source with its easy-to-use, image-based analysis, classification, data location, and extraction technology. More than 100 billion documents for financial services, government organizations, and the healthcare industry are analyzed annually by Parascript software. Parascript offers its technology both as software products and as software-enabled services to our partners. Our BPO, service provider, OEM and value-added reseller network partners integrate and distribute Parascript software in the U.S. and across the world.
Parascript technology is unique in that it increases read rates and reduces error rates simultaneously in document processing. Lower error rates contribute to significant downstream cost reductions and higher customer satisfaction. Parascript handwriting recognition technology advancements provide the ability to recognize unconstrained and cursive handwriting. When compared to manual data entry and character-dependent recognition systems, it offers significant cost savings, greater recognition versatility and the ability to adapt to any style of form. Through digital image analysis, machine learning and advanced pattern recognition, Parascript software enables business automation in forms, mail processing and fraud prevention.
For example, Parascript check recognition software has improved check processing accuracy from 50 percent to 90 percent on average for banks and financial institutions throughout the U.S. and abroad. Parascript software solutions have reduced data entry labor by as much as 95 percent while also improving consistency and accuracy, saving our clients billions of dollars.
In the late 1980s, venture capitalists from Astarte, a Boulder-based business incubator, 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 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 essential ingredients in Parascript’s recognition engines today. Together, they developed a simple, but ground-breaking demo: write any English word or phrase, and translate it into machine text. Armed with the new demo, they visited COMDEX in 1990.
The 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 established.
Renowned for its pattern-recognition, machine learning techniques and image-analysis technologies, Parascript has focused on business process-enhancing recognition tools. For two decades, these automation solutions have helped service providers, 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 in 2007, which leverages image analysis and pattern recognition technology to help radiologists identify suspicious lesions on mammogram images during the screening process. In 2015, Parascript Document Classification automated the document organization process for improved information governance, and in 2016, SignatureXpert offers universal locator capabilities that allow for processing any type of check anywhere in the world. Our product development doesn’t stop there.
As we look into the future we continually strive to leverage our pattern recognition and advanced machine learning technology to solve complex business challenges — and continue to live up to the promise of delivering the world’s best recognition and data extraction solutions!