History

Xtracta's roots were sewn long before the company (and its products) took shape. They sit with the founder, Jonathan Spence and his experiences as an end user of data extraction software.

Jonathan had been working in the scanning bureau industry for a number of years. While at the time, many bureaus focued on the volume of documents they can scan, the bureau where Jonathan was based had a philosophy of placing greater importance of data within the documents. Thus there was a great need for good software to capture this data. Jonathan, as IT manager had a key responsibility to choose, deploy and maintain these data extraction systems. The bureau was processing millions of documents every month, thus getting the right software was critical to how well their operations ran.

Through his experiences with using established software packages to perform this function, Jonathan became highly frustrated at the staleness of the market with low levels of innovation, high cost and extremely high complexity. Since data extraction was a crucial aspect to the bureau's service, having great quality software which wasn't prohibitively costly was extremely important.

Driven by the desire to make great quality, innovative software that was easy to use, easy to deploy and low cost, Jonathan started Xtracta to develop what is now known as the Xtracta App. The bureau had also been a pioneer in the area of enterprise SaaS and it was becoming obvious at the time that SaaS was to be a huge paradigm shift in the software industry. After extensive planning, specification writing and concept designs were in place - development began in mid 2010 and lead to the first version of the software being released.

Learn more about our history in the following timeline.

2010-04

Company Founded

Xtracta begins life and work starts on getting ready for the beginning of development.

2010-07

Development Begins

With the initial scope and design being developed, the first iteration of the application begins development.

2011-05

Alpha Launched

The first version of the Xtracta App launches with our first Alpha customer who begins to use it for a subset of their production workload of only a few hundred documents per day.

2012-09

Beta Launched

With considerable feedback from our Alpha launch, significant improvements were made to the App and our Alpha user had finished moving virtually all of their processing into the App. The system was also redeveloped for massive scale-out processing capacity as the monthly processing volumes moved into the 100,000s of documents per month.

2012-12

A.I. Research Started

With only basic extraction capability available at this point, Xtracta was awarded 2 R&D grants from the New Zealand government and started it's A.I. team to introduce artificial intelligence capability for data capture. Work begins on building this team and starting the research.

2013-07

Release 1.0

The Xtracta App is made publicly available alongside the launch of the first version of our A.I. technology. Users begin moving onto the platform using it in conjunction with a wide variety of software - especially in the job costing, accounting space, ERP & BPO space.

2014-01

A.I. Research Scope Enhanced

Our first release of our A.I. technology provided a great leap in capability for auto extraction. However we saw there was significant interest in taking it to the next level - a level where it would be indiscernible from even experienced data entry on "difficult documents". We extend our research scope into a variety of new technologies to allow us to do this.

2014-07

API Launched

Based on market feedback we had seen there was huge interest in the ability for applications to "plug-in" to our auto extraction capabilities. After months of planning and development we released our first version API to allow any cloud or on-premise system to connect and submit documents/retrieve data over the internet.

2014-08

A.I. Significantly Enhanced

After months of research into improving our A.I. with more human-centric approaches and big data capabilities, we massively upgraded our A.I. capabilities to provide as close to perfect extraction from day 1 from documents from simple to hard complexity.

2017-10

Today

With a re-pivot of the company to focus on providing the API to any app that wants to provide data extraction to their clients, Xtracta is building a large vendor base who will be using our technology to launch auto extraction capabilities in their software through 2015.