We’re excited to announce the launch of Data Extraction Managed Service by Anduin. Anduin's proprietary platform leverages advanced OCR technologies in the market to offer a seamless solution for transforming unstructured data and documents into actionable data to streamline workflows and drive informed decision-making across the private markets.

For those unfamiliar with the technology, Optical Character Recognition (OCR) enables us to extract digital data accurately from a large number of static documents and PDFs, streamlining workflows and reducing manual data entry. 

A decade ago, I first explored OCR technology at a mortgage technology startup to digitize paystubs that were uploaded by the borrower to avoid the lender having to key in the information manually later.

After testing a few solutions, we discovered that we could never achieve sufficient accuracy rates, in part because we could never train the OCR to accommodate the variation of possible paystub formats. Fast forward ten years: OCR technology has advanced dramatically, and we are now leveraging it to solve two fundamental challenges facing the private markets:

Challenge #1: Meeting LPs Where They Are in Their Digital Journeys

Anduin’s flagship LP Onboarding product module sees, on average, 80% of invited LPs filling out their investment documents on the Anduin platform. I should point out that these forms are filled out with complete accuracy 93% of the time while delivering an outstanding experience to the investors.  

Some investors opt out of filling out their documents electronically. Why? Well, I don’t think we have the complete answer yet. Different investors - whether they are retail family offices or sovereign wealth funds - have different reasons for doing so. Here are some of the reasons we have seen: nervous about using new technology, jaded from using too much technology, simply process-bound to how their organizations have been doing it for decades, and concerns around data security. 

With our Data Extraction Managed Service, we are able to provide a powerful backstop to any lagging LPs. Don’t want to fill out your docs on Anduin? Fine. We’ll just digitize documents and structure the data, and pull the information into Anduin as if you had filled it out digitally. Yes, we’ll continue to whittle away at any blockers investors have to fill out these forms organically on Anduin.

However, in the interim, by meeting the investors where they are, we will ensure the GPs never lose sight of how they are doing on all of their LP interactions while also dramatically increasing the chance that any “analog investors” will transact digitally moving forward. 

Challenge #2: Meeting GPs Where They Are in Their Digital Journeys

Speaking of journeys, we see our GP customers at various points in their path towards complete digital transformation of their middle and back offices. Even if they have adopted some workflow solution, they typically sit on reams of historical investor information locked up inside PDFs. We are now seeing enterprise customers leveraging our OCR technology to pull in past investor information so that they have all of their LP data inside the Anduin platform on Day 0, from which to execute fast and efficient investment and post-investment GP-LP workflows.

Critically, now GPs are able to take unstructured data and structure it in their instance of Anduin Investor Data Management to further enrich it and federate it to all of their other systems to establish—for many GPs, for the first time ever—a single source of truth for all of their investor information.

For Anduin, the interplay between workflow and data is critical to the lasting digital transformation of the middle and back office. If you’d like to learn more about how we drive outstanding outcomes with our GP customers, we’d love to start a dialogue with you.  

See how Anduin can power your next raise
Book your demo today →