Enterprises are leveraging automation and AI to boost productivity, with the global market for process-agnostic technologies expected to reach $54 billion by 2026. E42.ai, a no-code AI platform, uses Cognitive Process Automation to automate complex functions, enabling process-agnostic automation across various industries..
Enterprises are increasingly relying on automation and AI to streamline operations and boost productivity. Language comprehension plays a key role in enabling AI algorithms to attain cognitive functions and facilitate decision-making. Natural Language Processing (NLP) models can improve all business processes dependent on human languages, such as banking, securities, communication, media, education, and insurance. Gartner estimates that the global market for process-agnostic technologies that enable hyper-automation will be $54 billion by 2026, growing at a compound annual growth rate of 16.1% from 2021 to 2026.
E42.ai’s no-code AI platform is one such NLP-based solution that aims to drive cognition across diverse enterprise processes, catering to both large corporations and startups at scale. Developed by Light Information System, E42.ai creates multifunctional cognitive agents capable of automating complex functions to optimize time, energy, resources, and costs. These AI-powered agents can multitask and mirror human intelligence across roles within an organization.
Animesh Samuel and Sanjeev Menon, co-founders of E42.ai, have 23 years of experience in technology focusing on product and marketing. They founded Light Information Systems in 2012 to infuse human-level cognition into systems, initially bootstrapped by their founders. In 2018, they went to market with NLPBots, which automated conversations and processes for enterprises, and onboarded clients including Mahindra Group and Tata Communications.
To address challenges like robotic process automation (RPA), E42.ai uses Cognitive Process Automation (CPA) to create cognitive AI workers that can automate routine tasks, make decisions, and handle complex processes involving unstructured data. The platform employs NLP, NLU (Natural Language Understanding), NLG (Natural Language Generation), ICR (Intelligent Character Recognition), voice, conversational AI, face recognition, and intent-based workflows to enable such process-agnostic automation.
E42.ai employs deeptech with its user interface to allow easy deployment of E42.ai Agents across enterprise verticals. The company says its ready-to-deploy solutions can be extended within 2-4 weeks. When dealing with data, E42.ai uses AI models and implements v2 transfer learning on smaller datasets to mitigate issues like hallucinations and overly open-ended interpretations.
The platform-as-a-service (PaaS) solution offers automation for enterprise processes across multiple domains and industries, including marketing, HR, finance, customer service, IT operations, and legal. Clientele includes Acceleration, Kotak Mahindra Bank, Nissan Motor Company, McDonald’s, and Tata Capital. One of E42.ai’s clients, a tractor manufacturing giant, sought automation solutions to improve HR, IT, and L&D operations that were mostly handled by a human team. E42 deployed an AI HR Executive that automated the entire HR operations with features like query resolutions, status checks on claims, and an automatic system for granting approvals from managers.
E42 relies on two primary revenue streams: AI co-worker licenses (priced at $24,000 per year) and platform licenses (for $150,000 per year). Its monthly recurring revenue stands at Rs 1.08 crore ($135,000) and an Annual Recurring Revenue of $1.63 million. The total revenue generated from April to September this year stands at Rs 6.39 crore ($700,000). The company maintains 58 active licenses for its B2B SaaS offerings, encompassing both monthly active enterprise and partner licenses, with three designated as platform licenses.
In October 2021, Light Information Systems bagged Series A funding of $5.4 million from Pavestone Ventures. The startup competes with players like UIPath and Automation Anywhere, which optimize repetitive tasks without the need for midstream decision points.
Conclusion
NLP models can improve banking, securities, communication, media, education, and insurance procedures. From 2021 to 2026, the global market for process-agnostic hyper-automation technologies will expand 16.1% to $54 billion. Light Information System’s no-code AI platform E42.ai automates complicated processes to optimise time, energy, resources, and costs with multipurpose cognitive agents. The platform employs Cognitive Process Automation (CPA) to construct cognitive AI workers who can automate mundane operations, make judgments, and manage complicated unstructured data processes. The platform-as-a-service (PaaS) system automates business activities in marketing, HR, finance, customer support, IT operations, and legal.
