Workist, the company applying cutting-edge, deep-learning technology to automate business transactions, today exited stealth and introduced its flagship product WorKI, an intelligent document processing tool that leverages advanced artificial intelligence to process unstructured data for corporate sales teams. With seed funding from 468 Capital and LEA Partners, Workist is reimagining the way business transactions are done globally. WorKI is Workist’s first step on the path to develop an AI business connectivity layer that enables smooth business transactions among companies globally, eliminating the hassle of handling different electronic and document-based data transmission formats and languages in B2B transactions.
“To maintain business agility, organizations large and small are looking for ways to automate, modernize and improve operational efficiency,” said Florian Leibert, General Partner at 468 Capital. “The momentum and interest that Workist has seen since inception proves the market’s readiness to modernize business transactions and move away from legacy technology like EDI. We’re thrilled to support Tim, Alexander and the Workist team in their efforts to integrate top of the line AI into today’s global trade ecosystem.”
Workist is exiting stealth with strong user and revenue growth. Today, Workist is processing roughly $70 million of purchase orders volume every month for its customers. Since December 2020 alone, monthly recurring revenue has grown 1100% and its customer base is up 7x.
The end of manual document processing as we know it
Founded by Tim Wegner and Alexander Müller, Workist is helping today’s leading manufacturers and distributors transform the way their commercial teams work with customers, suppliers, and other trading partners by providing the intelligent document processing tool needed to not only save company resources, but help scale businesses further. From start to finish, WorKI provides completely automated data transformation, integrating with the systems already in place within a customer’s organization. Customers share their incoming documents, in whatever form and language received, and WorKI processes and sends extracted data to the customer’s ERP-system through an easy integration, making it simple and secure.
Traditional business transactions are based on the exchange of a plethora of different document types and formats with no common standards, making it slow and error-prone for businesses to handle. As a first step towards a global AI business connectivity layer, enabling streamlined business transactions among companies regardless of used data formats, Workist created WorKI to give corporate sales teams the edge needed to compete.
“Rather than closing deals and building valuable customer relationships, frustrated sales teams spend unnecessary time and effort on manual data entry, leading to costly errors, wasted resources and missed sales targets,” said Tim Wegner, co-founder and MD of Workist. “We’re thrilled to be introducing our AI-powered intelligent document processing tool to the world, showcasing its impeccable accuracy and ability to help organizations succeed.”
Building on industry-leading human-in-the-loop assistance
Workist’s purpose-built AI solution shows learning rates that regularly beat customer expectations. Thanks to the intelligence of WorKI, the AI tool can process documents even if the ordering party makes errors, as well as notify sales teams if customers order a quantity that is not available. Unlike traditional sales representatives, WorKI is never ill, does not take holidays, is always motivated and even works on weekends. The timing of an order – for example evenings, weekends or holidays, no longer matters. The order will be processed, making time-to-customer delivery a lot faster for Workist users.
Workist is a Berlin-based deep-tech startup applying cutting-edge, deep-learning technology to document processing. It’s flagship product, WorKI, uses AI technology to automate the processing of documents in corporate purchasing and sales processes. Workist was founded in 2019 by an experienced founding team and is supported by renowned investors such as 468 Capital and LEA Partners. For additional information, please visit http://www.workist.com.