Parashift announces US market expansion
Switzerland, 30.10.2020 — Parashift, provider of a first of its kind modern, machine learning-powered document extraction cloud platform, has just announced its formal entry to the US market.
The worldwide market for Document Capture generates roughly $6 billion in revenue per year and is projected to grow around 10% annually over the next seven years. Together, Europe and the US accounted for more than 50% market share in 2019. The US market, specifically, known for its maturity in digital transformation and technological innovation, is set to outperform the projected global growth significantly.
Parashift, whose name implies a revolutionary “paradigm shift” in document processing, develops cloud solutions that lead the market technologically by their innate ability to interpret a wide range of document types over the same endpoint, thanks in part to “swarm” AI learning capabilities. This enables organizations to capture the 80% share of documents previously thought impossible to process at low cost and with seamless onboarding. Parashift estimates this type of technology and processing paradigm has a global market potential of around $15 billion.
For Parashift’s long-term success, access to global talent and proximity to customers and partners is of fundamental importance, achievable only via having a footprint in the most relevant markets. Formalizing and increasing its foothold in the US is therefore a strategic decision that aims to assist organizations around the country in realizing their vision of business transformation, ultimately resulting in greater value generation for them and their customers.
“As one of the leading global technology ecosystems, the US West coast provides a host of advantages. We are very happy that Edward Isarevich is joining the company and supporting our process of expansion in the US market. This initiative will further enable us to create a more cohesive partner network and strengthen our capabilities globally,” said Alain Veuve, Founder and CEO of Parashift.
“Parashift solves a mission-critical aspect of today’s everyday business and digital transformation process in a meaningful way, helping businesses cope with some of the most pressing challenges they face. I’m enthusiastic about joining forces with the incredibly capable and proven team at Parashift to help accelerate its impact in a geographically crucial global market,” said Edward Isarevich, US Representative at Parashift.
About Parashift
Parashift AG, founded in 2018, is a deep-tech company focusing on the autonomization of document extraction through machine learning. Parashift is headquartered in Switzerland and aggregates expertise in the field of machine learning engineering and platform development. Forbes named Parashift 2019 as one of 30 promising AI startups in Europe.
Parashift AG
548 Market St, PMB 59616
San Francisco, California
United States
