Updated: Oct 13, 2020
Founded in 2016, the technology company turicode (as derived from Turicum), specializes in the extraction of unstructured data from documents. With their product MINT.extract, the company offers a modern, high-quality solution for data extraction and finds itself in a rapidly growing market. In only two years, the company managed to reach a turnover of CHF 1 million without being dependent on external capital. Now, turicode is looking to raise capital to drive the company's growth and expansion.
"Anyone who thinks analogue will never understand the advantages of digitization." - Marc Ruoß
With the introduction of the personal computer and the transformation from analogue to digital, the volume of information stored on devices is increasing year by year. It is estimated that nowadays about 80% of business relevant data is unstructured and therefore not accessible (such as information from scans, PDFs or emails) and only 1% of unstructured data is currently exploited by companies. Extracting information manually is a repetitive, time-consuming and error-prone task that costs businesses time and money – copy-pasting is still the most common technique to extract information from documents.
Turicode solves this problem with its in-house developed software called MINT.extract. The AI application extracts valuable data from unstructured scans, PDFs or emails and presents it in a structured, usable format (such as an Excel spreadsheet, databases or XML). As a result, companies have fast and reliable access to otherwise inaccessible data, can save time, cut expenses and focus on their core activities.
THE B2B FINTECH MARKET & COMPETITORS
There are many competitors in the fast-growing market, AI based MINT.extract stands out with its ability to process any type of document, its user-experience and flexibility. As there are many competitors, rapid expansion and the development of a large customer base is crucial for the company. For this reason, local competitors pose a greater threat than geographically more distant ones. The closest competitors in the DACH region are players like insiders technologies and ExB.
Smart Fix (Insiders Technologies, GER): $10-50mn revenue, rely on old technology (smartfix) and are currently building an AI based module (Ovation)
ExB (GER): $1-10mn revenue, focus mainly on insurance, mobility, health industries
MANAGEMENT TEAM & THEIR FUTURE PLAN
The turicode team knew each other beforehand and together they decided to found a company. At first the founders had an idea for a mountaineering app, but there was no content available in digital and structured format to feed it and no tool that met their needs. They soon realized that their solution for this problem was more powerful than most others on the market, which is why they became more intrigued by the problem than by the original solution, and turicode was born.
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