The Israeli company OrboGraph, which uses AI to prevent fraud, was acquired for over $100 million.
OrboGraph detects and analyzes fraudulent checks, and provides automated healthcare payment processing.
The company is focused on detecting and preventing fraud in the US, Israel, and other countries, and uses advanced recognition algorithms and AI to read each document and field type. Its systems can read documents in a variety of languages, including English and Hebrew.
It says that machine learning, which is used in financial institutions to assess electronic transactions, is not effective due to lack of image analysis.
Since its inception in 1995, it has processed more than 100 billion checks, and says it has saved its clients about $200 million in annual losses.
It has more than 4,000 clients, including recognized financial institutions in the US, as well as most of the major banks in Israel.
OrboGraph was acquired by RMS (Revenue Management Solutions), an Oklahoma City-based healthcare payment automation service provider.
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As part of the acquisition, the company’s activities in the healthcare payments sector will be transferred to RMS, while the banking operations will remain under OrboGraph’s authority.
OrboGraph has helped digitize healthcare payments, as many within the industry still generate billions of payments in checks or paper-originated transactions. It uses AI, deep learning, and the cloud, to apply its approach to a variety of companies.
Avikam Baltsan, founder of the company, said: “OrboGraph was able to identify and leverage during its development two dramatic changes that took place in the world, the globalization revolution and the AI revolution.
“At the beginning of the millennium, before artificial intelligence technology matured, we implemented a creative, patented solution of working in the cloud to complete the text fragments that we did not automatically read. The system we built optimally combined automatic reading with remote typing from anywhere in the world and offered our customers a 100 percent real-time solution.
“Over the past decade, we have been at the forefront of advanced AI technologies, and in collaboration with Israeli academia, we have developed groundbreaking solutions and upgraded all of our systems to deep learning-based systems, including the ability to translate huge amounts of data into consistent and ongoing performance improvements and new services that we will continue to offer in the future.”
OrboGraph is based in Rehovot, central Israel, and has an office in Massachusetts, USA.