Evolution AI

What Evolution AI does

Evolution AI is a UK-based private company, founded in 2015 and headquartered in London, that builds AI-powered intelligent document processing (IDP) software focused primarily on financial services. Its technology combines generative AI, natural language processing, computer vision, and a proprietary OCR engine to extract structured data from complex, poor-quality documents including balance sheets, income statements, cash flow statements, invoices, bank statements, trade finance documents, contracts, and identity documents, with full audit logging that traces each data point to its source location. The product portfolio centers on two platforms: Financial Statements AI (introduced 2023) for financial-statement extraction with post-processing accountancy calculations, and Transcribe AI (introduced 2024) which applies zero-shot learning to general document extraction without requiring customer-supplied training data, supported by vertical-specific packages for private equity, asset management, commercial finance, loan underwriting, trade finance, litigation, and ID verification. The business operates a dual go-to-market combining enterprise field sales (proof-of-concept led engagements with banks, asset managers, brokers, PE firms, IFAs, and M&A advisors) with a product-led self-service motion (free trial and self-signup on financialstatements.io and transcribe.evolution.ai, plus a REST API). Revenue is generated through subscription pricing (annual or monthly per-user) and a fully managed service option that adds human-in-the-loop annotation for guaranteed 100% accuracy; the company names long-tenured enterprise customers including RBS/NatWest (since 2018), Dun & Bradstreet (since 2016, with a 200,000-page/day real-time KYC feed since 2020), Unigestion (since 2018), DF Capital, Novuna, Fitch Solutions, Deutsche Bank, Sky, and RELX, and integrates with UiPath, Automation Anywhere, Blue Prism, and Workato. The firm is independently operated with no disclosed venture or private equity funding beyond an early-stage round in 2017, holds ISO 27001 certification for identity-document processing, and operates across the UK/Europe and North America.

Name

Evolution AI

Legal name

Evolution Artificial Intelligence Ltd

Website

https://evolution.ai

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Evolution AI is a London-based AI company, founded in 2015, that uses generative AI, NLP, and proprietary OCR to extract structured data from financial statements, invoices, bank statements, and identity documents, serving enterprise financial-services clients such as NatWest, Dun & Bradstreet, and Unigestion.

Ownership category

akta.pro rank

Product category

Intelligent Document Processing (AI Data Extraction)

NAICS

Software Publishers (5132), Software Publishers (513210)

SIC

Services-Prepackaged Software (7372)

akta.pro primary industry

Intelligent Document Processing (IDP) & OCR Automation (HDAEAHAC)

akta.pro secondary industries

End-to-End Enterprise AI Platforms (MLOps & Model Lifecycle Management) (HDAEANAA), AI/ML Engineering & Model Development Services (BPAEAHAF)

Keywords

• Intelligent document processing
• AI data extraction
• Financial document automation
• Accounts payable automation
• KYC document processing

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Subscription Services: Subscription-based access to AI data extraction platforms (Financial Statements AI and Transcribe AI). Pricing based on user subscriptions with annual or monthly billing. Additional charges for excess data storage beyond allocated limits. Invoicing with 14-day payment terms in pound sterling.
2. Managed Service: Fully managed service option where the vendor handles data annotation and extraction. Includes human-in-the-loop support guaranteeing complete data accuracy. Appropriate for enterprises requiring zero-error outputs for sensitive financial data.
3. Self-Service Platform: Self-service model where customers perform their own data annotation and extraction after initial training. Less costly than managed service with in-house monitoring requirements.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Evolution AI develops and sells an AI-powered intelligent document processing (IDP) platform that uses generative AI, NLP, and proprietary OCR to extract structured data from complex documents including financial statements, invoices, bank statements, contracts, and identity documents. The platform comprises two core products — Financial Statements AI (for balance sheets, income statements and cash flow statements) and Transcribe AI (general-purpose zero-shot extraction) — and is offered via self-service subscriptions or a fully managed service with human-in-the-loop QA guaranteeing accuracy.

Product overview

Evolution AI offers a unified AI-powered intelligent document processing (IDP) platform with two core products: Financial Statements AI (specialized for balance sheets, income statements and cash flow statements with post-processing accountancy calculations) and Transcribe AI (general-purpose document extraction with zero-shot learning for bank statements, invoices, contracts, and other document types). These core products are complemented by industry-specific solution packages for Commercial Finance, Private Equity, Asset Management, Insurance, Brokers, M&A, and Independent Financial Advisors, as well as workflow-specific solutions for Loan Underwriting, Litigation Funding, Trade Finance, and Identity Documents. The platform features self-learning AI that improves accuracy from corrections, configurable QA workflows, multilingual support (42 languages), and integrates with RPA platforms (UiPath, Automation Anywhere, Blue Prism) and workflow automation tools (Workato). A Managed Service option provides human-in-the-loop annotation for guaranteed accuracy on sensitive data.

Differentiator

Problem solved

Functional benefit

Brands

• Financial Statements AI: AI-powered data extraction tool specifically designed for financial statements including balance sheets, income statements, and cash flow statements.
• Transcribe AI

Products and services

• Financial Statements AI AI-powered automated data extraction platform for balance sheets, income statements and cash flow statements. Uses generative AI to extract, normalize and standardize financial data with ultra-high accuracy, handling complex multi-page tables, units/currency handling, and sophisticated date processing.
• Transcribe AI Zero-shot learning document processing platform for extracting data from bank statements, invoices, litigation documents, contracts, trade finance documents, passports and driving licences without requiring training documents.
• Managed Service Full-service data extraction with human-in-the-loop (HITL) annotation and QA, guaranteeing complete accuracy with analyst correction of any output errors for sensitive financial data processing.

Quantifiable outcome

• Invoice processing time reduced from 24 hours to a few seconds
• +5 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability9 records

Feature7 records

Partnerships

One partnership is on record.

• WorkatocoreTechnology or IntegrationIntegration partnership enabling Evolution AI's document extraction to connect with Workato's no-code automation platform. This allows clients to build automated workflows combining document extraction with downstream business processes, validation against third-party data, and direct input into accounting systems. Used by Novuna Business Finance for their invoice processing automation.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Hyperscience: Hyperscience provides AI-driven document processing for financial services, insurance, and government, with similar intelligent document processing capabilities targeting enterprise customers. Comparable technology stack (machine learning + human-in-the-loop) and customer overlap in regulated industries.
• ABBYY: ABBYY is a long-established intelligent document processing vendor offering OCR, data capture, and AI-based extraction across financial, legal, and business documents. Directly comparable to Evolution AI's Financial Statements AI and Transcribe AI products for enterprise document automation use cases.
• Indico Data: Indico Data offers intelligent document processing focused on unstructured document extraction for insurance, financial services, and other regulated industries. Comparable to Evolution AI's generative AI approach for complex document extraction with high accuracy requirements.
• Rossum: Rossum is a direct competitor in AI-powered document extraction, particularly for invoices, financial statements, and trade documents. Both target enterprise finance and B2B document workflows with generative AI-based extraction and serve similar financial services customers.

Emerging players

• Datamatics: Datamatics offers intelligent document processing including TruCap+ for financial document extraction and TruBot for RPA. Comparable to Evolution AI in serving BFSI customers with document automation solutions, with similar enterprise sales motion.
• WorkFusion: WorkFusion provides AI agents and intelligent automation for financial services, particularly for KYC, AML, and document-heavy workflows. Comparable to Evolution AI's regulated industry focus and similar target customer base in banking and financial services.

Broad incumbents

• Microsoft (Document Intelligence / AI Builder): Microsoft's Azure AI Document Intelligence and AI Builder offer prebuilt and custom document extraction models at scale, often bundled with broader enterprise agreements. Represents a commoditization threat for Evolution AI, especially with Microsoft's generative AI investments and existing relationships with financial services customers.
• UiPath: UiPath is a leading RPA platform with a Document Understanding product line that competes directly with Evolution AI in invoice, financial statement, and contract extraction. UiPath is also an Evolution AI integration partner, but its broader automation suite makes it both a partner and competitor for large enterprise deals.
• Automation Anywhere: Automation Anywhere is a major RPA platform with AI-powered document processing capabilities and an Evolution AI integration partner. Competes with Evolution AI on enterprise document extraction while also serving as a channel for distribution.
• Tungsten Automation (formerly Kofax): Tungsten Automation (formerly Kofax) is an established intelligent document processing and automation vendor with deep penetration in financial services, insurance, and B2B document workflows. Competes with Evolution AI on invoice processing, loan origination, and financial document extraction.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/evolutionai
• Facebookfacebook.com/evolutionai
• LinkedInlinkedin.com/company/evolution-ai

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Evolution AI