Revolutionizing the world of document automation
Today, the process of extracting and validating data from non-standardized documents is error-prone and takes up many resources in companies and government institutions. To simplify and make this process more efficient Lucidtech has developed machine learning technology automating these complicated business processes. The technology is fast, secure, highly scalable and easy to integrate with existing software through API’s.
Lucidtech was founded by Ståle Zerener Haugnæss, Stig Zerener Haugnæss, and August Kvernmo in late 2016. The team was approached by a company with a problem they believed the team were capable of solving using their background in machine learning and mathematics.
The problem sounded simple enough: automatic validation of receipts.
After doing some research both technically and on the business side, it started to be clear that they had stumbled upon a potentially huge gap in the market, and it didn’t take long before the beginning of what would become a new business adventure was formed. In March 2017, Lucidtech founders attended a three-month-long accelerator program by DNB NXT accelerator. This gave Lucidtech it’s first external funding, as well as exposure to potential customers and industry expertise.
In 2018 Lucidtech and Finstart went into dialogue, and the investment was finalized in late summer 2018. During this time Lucidtech had run several successful proof of concepts with different organizations. In December 2018, Bank Norwegian became the first full production customer of Lucidtech, and only a few months later they also had DNB on their customers’ list.
“We have been thinking globally since day one” - CEO, Ståle Haugnæss
In May 2019, Lucidtech secured its first international client – an U.S.-based ERP software company. This was an important step towards Lucidtech’s ambition of becoming the first choice worldwide in document automation.
Going forward, Lucidtech is working on growing their team as well as their customer base in Norway and internationally.
The technology is fast, secure, highly scalable and easy to integrate with existing software through API’s