Veryfi

AI-powered document processing platform specializing in receipt and expense data extraction with mobile capture capabilities.

Veryfi Logo

Overview

Veryfi is an intelligent document processing company founded in 2017 and launched from Y Combinator in Silicon Valley. The company began as a personal expense app to help small business owners manage receipts, driven by the founders' personal experience with their mothers who worked as bookkeepers. With 52 full-time employees and $12.7 million in Series A funding raised in 2021, Veryfi has evolved from receipt processing into a comprehensive IDP platform.

The company's mission is "Liberating the world from data entry" by automating manual data extraction from purchasing documents. While positioning itself as a general-purpose IDP platform, Veryfi's primary strength lies in spend management and expense reporting use cases. The company serves as an OEM provider to several top spend management software companies and has expanded into loyalty marketing programs, landing major clients including a top-three global food and beverage company and a top-five consumer packaged goods brand marketing agency.

Veryfi's competitive advantage stems from extensive training data collected from years of receipt processing, providing superior AI models compared to competitors who struggle to find sufficient valid training data.

Key Features

No-Template AI Processing: Advanced AI models for data extraction without pre-built templates using NLP and OCR
Graph Neural Networks: GNN technology to understand document relationships and remove semantic ambiguity
Veryfi Lens Mobile Framework: Mobile capture with auto document detection, edge detection, and long receipt stitching
Line-Item Extraction: Detailed line-item information extraction from receipts and invoices
Data Enrichment: Classification and enhancement for standardized JSON output

Use Cases

Expense Management and Reporting

Processes receipts for expense management systems, extracting vendor information, amounts, dates, and line items from mobile-captured receipt images.

Accounts Payable Invoice Processing

Automates invoice processing for AP systems, extracting vendor details, amounts, dates, and purchase order information for ERP integration.

Loyalty Marketing Programs

Captures purchase data from receipts for customer engagement and marketing campaigns for major brands.

Small Business Bookkeeping

Automates data entry for bookkeeping and accounting software integration for small business owners.

Technical Specifications

Feature	Specification
Deployment Options	Cloud-native API service
API	RESTful OCR API Platform
Supported Languages	Multiple languages via NLP
Document Formats	Mobile images, email attachments, PDF, various image formats
Mobile Framework	Veryfi Lens Mobile Capture Framework
AI Technology	CNN, Graph Neural Networks (GNN)
Output Format	Standardized JSON
Human-in-the-Loop	No outsourced human verification required