Document Automation Company ADEx Targets Real Estate
The company claims its application can perform lease abstraction four times faster than people performing the same work.
Document automation startup ADEx, which began in 2019 with software to pull data from such documents as leases, rent rolls, and site maps, announced that it has expanded into a number of commercial real estate verticals.
“The pre-seed startup company will now offer its intelligent document automation platform broadly to companies in the real estate industry,” a company press release said. “Document processing replaces tedious manual workflows that plague CRE investment professionals, portfolio managers, property management, lease administrators, mortgage lenders, loan servicers, commercial brokers, title and escrow officers.”
Document processing and management systems have long been available to corporations. Even smaller companies have used commercial capabilities to process documents electronically. CRE has heavy use of documents that in theory could benefit from such systems.
“With the ability to apply secondary calculations that reduce human in the loop requirements, and automatically capture images, tables, signatures and site maps from documents, whether they are digital, scanned or handwritten, ADEx lease abstraction capabilities far surpassed client expectations,” the company continued.
The company claims more than 95% data extraction coverage and that it could automatically perform lease abstraction four times faster than people performing the same work. “In a client benchmark study, these results generated time savings of up to 8 hours per week for the average team member,” the company claimed.
The company started with lease abstraction. Users could feed documents into the system, which would then pull out data in a form that analysts could use, saving time in searching through documents for the required information. ADEx says that its system had processed more than 7 million documents and can handle more than 2,000 real estate document types.
Another product from the company, Queues, “comprehends contents of any type of unstructured, unpredictable documents and feeds relevant datapoints into existing systems to take workflow automation to the next level of efficiency.”
The company says that it is at a pre-seed stage, which sounds as though there hasn’t been significant amounts of investment yet. Picking up equity investment given economic uncertainty could be a challenge. Some leading tech venture capital firms have warned their portfolio companies to buckle down and brace for a period where raising additional funds would be difficult at best.