12 Jul Odysai, the startup that wants to restructure the world’s information
Odysai, the startup that wants to restructure the world’s information.
80% of the information that is transacted between companies circulates in the form of a document.
Whether it’s an email or an invoice, the information is designed to be read by humans. Making this process readable by software can be challenging. But it is possible. And that’s why Odysai’s primary mission is to restructure the world’s information.
“In practice, this information-sharing loop requires companies to have a set of backoffice people whose only function is to validate and extract information from those documents and take it to other systems. “What we do at Odysai is to create the technology that supports this process, so that this process can become automated ” says João Fernandes, founder and CEO of this startup
How did it come about?
Odysai was born in 2016, within the Joyn group, at a time when the group was going through great growth. “We ended up taking advantage of this context to think about how, at the technology level, we could solve some internal problems,” explains João Fernandes.
And that’s how Odysai, a startup specializing in innovative technology solutions via artificial intelligence, took off.
How, then, can you speed up processes dependent on the information in multiple documents?
From this idea was born DocDigitizer, Odysai’s first product. A major goal of this tool is to free people from the time-consuming process that may be the interpretation of multiple documents and the migration of the same information to several different systems.
“We started by trying out what was in the market and realized that there was nothing that fit the type of problems and the type of company that we had at the time,” recalls João Fernandes, about the evolution of the product. “We realized later that other companies also had the same problem and we gathered here a group of people interested in kicking this project forth. That’s how we started DocDigitizer,” he says.
2017 was the year to develop the idea and to test it. After several pilots and several clients, the project matured and in February 2018 was released to the market. João Fernandes says that, from there, the way has been to grow and perceive new use cases for this technology.
The ultimate goal of Odysai is to take the automation paradigm to more and more companies. What started as a project around the processing of invoices for financial and accounting departments, is nowadays a technology that already serves to support the opening of bank accounts, credit applications and applications to open new contracts.
And the future?
At this point Odysai is at a turning point. The idea is to now expand to the United States market. “We have recently begun to internationalize our service and we are moving towards the North American market, which is a very big step for an European company,” explains João Fernandes. The goal now, he says, is to ensure that 2019 is Odysai’s year of expansion into the US.
The role of startups in introducing innovation in large enterprises
The way companies look at innovation has changed a lot over the past few years. And it is not by accident. Startups have played a key role in this aspect, mainly in creating a risk culture (and also of failure!) with these entities. “It’s difficult for companies to accept innovation, to accept startups because innovation carries a lot of risk.
Fortunately that has started to change, a lot because of the role of startups, and nowadays companies are willing to bet more on new technology, risk more and consequently take in the worthy value of innovation” says João Fernandes. But there is still a long way to go and many organizations are still very closed to innovation and “are afraid to change their paradigms, their business models. That makes it more likely for them to stay in the status quo.”
Entrepreneurial mindset begins to be inculcated in large companies
João Fernandes considers that startups play an important role with large companies, not only in the implementation of innovation, but especially in creating a culture of failure. “This may seem counterintuitive, but the thing that a startup can best teach a corporate is, in fact, failing and having the ability to quickly readjust itself,” explains the CEO of Odysai.
This is because “large companies, tending to be lifelong, will arm themselves in order to avoid failure, because failure is coming out more and more expensive. In a startup the purpose is to fail. ” Odysai fails every week and this is the purpose. “That spirit and this way of looking at innovation as a risky experience was one of the major changes I felt,” he says.
“In Portugal, most decisions to be with a startup are made by fear”
João Fernandes feels that the Portuguese business community is still “hitching” off of startups, for fear of not being able to keep pace. “Companies feel that their business is changing and they do not know how to deal. And, therefore, for fear, they try to at least be close. There are few companies in Portugal that make the decision to bet on risk, on startups, because they believe it’s important.”
Fed up with exchanging documents? We have the answer for your company here.
“Our business model is aimed at all companies that have the need to process, validate and digest large volumes of information,” João Fernandes, CEO of Odysai
Artificial Intelligence at your disposal
For DocDigitizer to serve your company in the best way, Odysai uses AI through a machine learning solution. The idea is that the same system can learn, perceiving more documents, more structures, and more patterns. In other words, “being autonomous and, at the end of the day, providing better service to our customers,” explains João Fernandes.
On average, applying DocDigitizer to your business will result in up to 80% cost optimization and significant time optimization.
Recently, Odysai was distinguished by Primavera, one of the largest software support companies in Portugal. A logical step ranks the CEO of the startup. “It is an opportunity to have more visibility and to acquire customers that did not know us. This partnership with Primavera gives us access to more customers.”
Why choose Odysai?
The founders of Odysai have a long career in management and are focused on making it a sustainable business, leveraged in sales. “For this to be possible we have dedicated ourselves to solve a concrete problem right now, and not marketing in 5 years. This is what sets us apart in the market, “explains João Fernandes, one of the founders.At Odysai you can count on 10 people, ranging from different areas, from technology to business, deeply in love with the problems they solve, with experienced know how and eager to work for you. “This is what drives us forward,” says João Fernandes, startup CEO.
Efficiency, automation and quality of experience.
Odysai has undertaken to offer these three things to its customers. At the end of the day, making it faster also gives the customer the best service, either opening an account or receiving credit from a bank.
Learn more about our product here.