Big companies have been heavily investing in software to automate back-office tasks. The emergence of robotic process automation (RPA) has revolutionized the way routine tasks are handled. RPA software “robots” are not AI, but rather advanced versions of Excel macros or rule-based software that can mimic human actions. Despite not being AI, businesses are estimated to spend over $6 billion per year on RPA software, with the market growing at a double-digit percentage rate.
However, Interloom, a small startup based in Munich, Germany, believes it can disrupt this market by leveraging the power of large language models and generative AI assistants. Interloom plans to rebuild process automation using these cutting-edge AI technologies. Recognizing the potential, Air Street Capital, a London-based venture capital boutique specializing in early-stage AI investments, has provided Interloom with $3 million in seed funding.
Fabian Jakobi, Interloom’s cofounder and managing director, is no stranger to entrepreneurship. His previous company, Boxplot, was acquired by Hyperscience, an AI software company. Drawing from his experience, Jakobi believes that AI methods can be applied to extract information from various sources, including video recordings, call logs, and notes. By training AI software on real-world scenarios, rather than idealized workflows, Interloom aims to create AI agents that can automate many complex tasks.
This new approach to process automation holds tremendous potential. Unlike traditional RPA, which is limited to highly routinized tasks, Interloom’s AI-powered software can tackle higher-value tasks. According to Jakobi, current RPA technology can only automate about a third of business tasks, leading to many projects failing or falling short of expectations. By leveraging AI’s ability to understand real business logic, Interloom can automate tasks like procurement and risk assessments, customer onboarding, claims processing, and logistics documentation management.
Rather than relying on rigid rules, Interloom’s software can learn from past data and capture tacit knowledge, which includes professional judgment. For example, when drafting and sending out non-disclosure agreements for commercial deals, Interloom’s software can intuitively determine when an NDA is necessary, regardless of specific thresholds. This flexibility allows for a more accurate representation of real-world business processes.
While human oversight will still be essential, Interloom estimates that their AI robots can increase an employee’s productivity by up to 30 times. This increase in efficiency can have a significant impact, especially for Germany’s medium-sized industrial companies, known as the “mittelstand.” Interloom plans to target this market initially and expand globally, including reaching the United States.
The funding received from Air Street Capital reinforces Interloom’s position as a frontrunner in automating complex workflows. Their vision aligns with the rising trend of an AI-first economy that will reshape every sector. Nathan Benaich, Air Street’s founder and general partner, highlights Interloom’s unique understanding of automating complex workflows, making them the perfect candidate to build the process infrastructure necessary for AI-enabled productivity gains in businesses.
FAQ:
1. What is robotic process automation (RPA)?
Robotic Process Automation (RPA) is a technology that uses software robots to automate routine back-office tasks, such as data entry and data transfer between different applications.
2. How does Interloom differentiate itself from traditional RPA?
Interloom aims to differentiate itself by leveraging large language models and generative AI assistants to rebuild process automation. Unlike traditional RPA, Interloom’s approach can handle more complex tasks and adapt to real-world business logic.
3. What tasks can Interloom automate?
Interloom’s AI-powered software is suitable for automating tasks such as procurement and risk assessments, customer onboarding, claims processing, and logistics documentation management.
4. How does Interloom’s software learn from past data?
Interloom’s software utilizes AI methods to analyze past data and capture tacit knowledge, which includes professional judgment and context. This allows the software to make informed decisions based on real-world scenarios.
Sources:
– [Forrester Research](https://www.forrester.com/)
– [Air Street Capital](https://airstreet.com/)
FAQ:
1. What is robotic process automation (RPA)?
Robotic Process Automation (RPA) is a technology that uses software robots to automate routine back-office tasks, such as data entry and data transfer between different applications.
2. How does Interloom differentiate itself from traditional RPA?
Interloom aims to differentiate itself by leveraging large language models and generative AI assistants to rebuild process automation. Unlike traditional RPA, Interloom’s approach can handle more complex tasks and adapt to real-world business logic.
3. What tasks can Interloom automate?
Interloom’s AI-powered software is suitable for automating tasks such as procurement and risk assessments, customer onboarding, claims processing, and logistics documentation management.
4. How does Interloom’s software learn from past data?
Interloom’s software utilizes AI methods to analyze past data and capture tacit knowledge, which includes professional judgment and context. This allows the software to make informed decisions based on real-world scenarios.
Definitions:
– Robotic Process Automation (RPA): A technology that uses software robots to automate routine back-office tasks.
– AI (Artificial Intelligence): The simulation of human intelligence in machines that are programmed to think and learn like humans.
– Generative AI Assistants: AI-powered assistants that can generate or create content, responses, or actions based on data or input.
Suggested related links:
– Forrester Research
– Air Street Capital
The source of the article is from the blog scimag.news