CVISION Awarded Phase I & Phase II NSF Grants to Develop World’s Fastest Optical Character Recognition (OCR) Technology
Forest Hills, NY – September, 8, 2010 - CVISION Technologies Inc., a leading provider of software to optimize the accessibility and processes associated with document capture, announced today that it has been awarded both the Phase I and Phase II Small Business Innovation Research (SBIR) grants by the National Science Foundation (NSF). SBIR grants are one of the most competitive of its kind, selecting only a small fraction of highly qualified applicants. The funding provided by the NSF was used by CVISION to develop optical character recognition (OCR) software that can recognize scanned text at a rate 20-50 times faster than competing products.
Currently, the majority of recognition technology is developed outside the United States. The NSF SBIR grant has enabled CVISION to develop original document capture technology in the United States. Through support from the NSF, CVISION has developed software to process paper-based documents at a speed of over 20 pages per second, a rate that is 20-50 times faster than competing document capture products.
Ari Gross, CTO of CVISION Technologies said: “We are very pleased with the support from the NSF. It has allowed us to recruit very talented engineers from the United States to support the development of our software. Our new OCR product, partially funded by the NSF, is ground breaking technology for the industry. We have been able to develop the world’s fastest OCR/recognition software while maintaining the accuracy levels end users require. We are excited to develop cutting edge technology from our NSF funding, which is also commercially viable. The software's high speed capabilities will enable any office to maximize their MFP device."
CVISION’s high speed OCR technology will be offered in PdfCompressor 5.0 and Maestro
Recognition Server, both of which will be available in the fourth quarter of 2010. The addition of the world’s fastest OCR to PdfCompressor strengthens CVISION’s current feature list; PdfCompressor converts scanned documents into compressed, searchable PDF files. Prior versions of CVISION software packages are currently being used by thousands of corporate clients for their high volume scanning.
CVISION Technologies, Inc. creates software to optimize the accessibility and processes associated with document capture. CVISION offers the best in file compression, recognition technology, automated data extraction, and PDF workflow applications. Through more efficient, automated workflows, CVISION clients can realize a measurable return on their document-driven processes including solutions for invoices, EOBs, handwritten forms, and business documents.