Last month we covered Sociocast raising $1 million. This month the number is not about money but is 700 times as large–700 million transactions in its first month. They do this by leveraging millions of data points to create real time predictions for their customers.
CEO Albert Azout told Sean Ludwig of Venturebeat that Sociocast has 42 new customers since raising that money; it’s easy to see why, given their value proposition:
“We’re one of the only prediction companies trying to convince developers to embed our solution into their products,” Azout said. “And the trajectory of the business is to eventually offer it as a virtual appliance behind the firewall.”
And customers seem to like it. As Aaron Bigman, CIGNA Healthcare’s Marketing Product Director, described it, “The API is quite simple to use and is helping us get in front of the predictive analytics revolution.” According to the press release, four things give them an edge. First, they provide real time clustering that is easy to use for customer segmentation, churn prediction, and other tasks. Second, a large number of client libraries creates fast plug ins for their existing products and applications. Third, in-market results are very accurate with predictions. And fourth, cost effective pricing is friendly for both big and small clients.
As Azout states, prediction is an art of both the present and the future.
“Our Prediction API is driving higher engagement and new revenue streams for our customers, all within a simple plug and play framework,” says Albert Azout, Sociocast’s CEO, “it also creates a testing ground for all sorts of predictive applications which will drive the next generation of smart consumer products and experiences.”
Growth in transactions is tracking towards 1 billion per month in the coming quarters.
Document capture may seem silly–can’t you just fling your stuff up on the cloud and have it stick? The complexity comes when you have hundreds of different document types and tens of thousands of different documents. Indexing and keeping track of them all becomes both impossible–and essential. This was the problem facing one mortgage company, Mountain West Financial. That’s where Ephesoft comes in. It automates the whole capture and cataloguing process to keep track of every document. Now, they’re launching a revolution with APIs to insert intelligent data capturing into programs used by clients.
According to the press release, the heart of making everything work is intelligent document recognition, the ability to take a scanned document–or any document–and correctly classify it.
“Key features include access to the most comprehensive IDR APIs in the industry. Ephesoft APIs can be used for Classification (Content Analysis, Barcode or layout), Extraction (Fixed Form such as OCR, ICR Extraction, Free Form Extraction or even Fuzzy Database Matching), and also provides for Batch Class management such as Exporting and importing batch classes. The Ephesoft Web Service API’s use the REST Design, the most efficient way to process documents for On-premise or Cloud solutions. REST facilitates the transaction between web servers by allowing loose coupling between different services. REST also provides less bandwidth requirements compared to older technologies such as SOAP.”
The great thing about all this convenience is it’s built for big clients but works great for smaller businesses as well.