Formed AI
Formed AI provides cloud-based document data capture, workflow automation, and application integration software for enterprise and mid-market customers, with proprietary OCR/ICR technology and a 175+ connector ecosystem spanning healthcare, construction, property management, and financial services verticals.
- Company typePrivate
- Founded2007
- HeadquartersSchenectady, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Formed AI does
Formed AI is a privately-held intelligent automation company that delivers document data capture, workflow automation, and application integration for enterprise and mid-market customers. Founded in 2007 and headquartered in Scottsdale, Arizona, the company has operated for 16 years with 1,000+ documented implementations across verticals including healthcare, property management, construction, food service, banking, and government. The company employs between 11 and 50 people and runs a bootstrapped operation with no disclosed institutional funding rounds.
The product portfolio is built on a cloud-based platform combining proprietary OCR/ICR technology with a 175+ application integration ecosystem and rule-based workflow automation. Core products include DocXAP (accounts payable automation combining capture, approval workflow, PO matching, and GL coding), DocXtraction (data extraction service with guaranteed 99% accuracy achieved through double-pass human verification), Nexus (business automation platform with intelligent digital forms), Connect (integration platform with a no-code graphical workflow builder), MediForm (healthcare-specific patient intake and EOB reconciliation), and Custom Solutions for bespoke workflow builds. The platform is delivered via web browser, FTP, or local software installation and integrates with major ERPs (SAP, Oracle, NetSuite, Microsoft Dynamics, Workday), EHRs (Epic, Cerner, MEDITECH), accounting platforms (QuickBooks, Sage), and CRMs (Salesforce, Siebel).
Formed AI generates revenue through usage-based pricing on data extraction volume, monthly subscriptions for DocXAP, professional services for custom implementations, and a nationwide reseller channel that sells products as value-added services. The go-to-market combines direct enterprise sales with a reseller network and a self-service SaaS option for smaller organizations via the Client-Verify tier. Documented customer outcomes include $430K revenue recovery for a hospital using EPIC EHR integration, $800K/year damage claims recapture for a national equipment rental firm, $300K/year revenue recovery for a 1,000+ property management company, and accuracy improvements from 65% to 99.8% for a municipal agency processing 200,000+ handwritten forms monthly. Leadership includes CEO Chris Kelly and CFO John Cococcia.
Formed AI firmographics
Firmographics- Name
- Formed AI
- Legal name
- Formed AI, Inc.
- Website
- https://formed.ai
- Company type
- Private
- Founded year
- 2007
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Formed AI provides cloud-based document data capture, workflow automation, and application integration software for enterprise and mid-market customers, with proprietary OCR/ICR technology and a 175+ connector ecosystem spanning healthcare, construction, property management, and financial services verticals.
- Ownership category
- akta.pro rank
Formed AI industry classification
Industry- Product category
- Intelligent Document Automation Software
- NAICS
- Software Publishers (5132), Software Publishers (513210), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518210)
- SIC
- Services-Prepackaged Software (7372), Services-Computer Processing & Data Preparation (7374)
- akta.pro primary industry
- Intelligent Document Processing (IDP) & OCR Automation (HDAEAHAC)
- akta.pro secondary industry
- AI Integration & Orchestration Platforms (Connectors, Workflow, iPaaS for AI) (HDAEANAI)
Keywords
Where Formed AI is headquartered
LocationHeadquarters
- HQ city
- Schenectady
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Formed AI business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- DocXtraction Data Extraction Services: Usage-based pricing where customers pay a monthly fee for documents processed. Documents are uploaded via cloud portal or FTP, processed through OCR technologies with human quality control, and returned with extracted data. No major upfront capital investment required.
- DocXAP AP Automation Subscription: Monthly subscription model for accounts payable automation. Pricing is based on volume of invoices processed with different tiers available (Summary Data, Line Items, Advanced/Utility Bills). Includes DocXtraction service combined with workflow and approval platform.
- Implementation and Integration Services: Professional services for custom implementations, system integrations, and custom solution development. Setup and integration fees may apply depending on scope.
- Reseller Partnerships: Revenue generated through reseller channel where partners resell FormedAI products. Partners receive commissions or margins on sales to end customers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Monthly | Summary Data Tier 1 - For organizations that GL code at invoice level |
| Usage-based | Monthly | Line Items Tier 2 - For organizations requiring line item level disbursement and GL coding |
| Usage-based | Monthly | Advanced/Utility Bills Tier 3 - For organizations requiring detailed data from utility providers |
| Usage-based | Monthly | Client-Verify Option - For smaller organizations capable of completing their own data verification |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels4 records
Formed AI product offering
Product offeringCore offering
Formed AI provides cloud-based intelligent automation software that combines proprietary OCR/ICR document data capture, workflow automation, and application integration to automate accounts payable, document processing, and business workflows for enterprises. Flagship offerings include DocXAP (AP automation), DocXtraction (data capture with 99% accuracy guarantee), Nexus (smart business automation platform), Connect (integration platform with 175+ business application connectors), MediForm (healthcare patient intake/EOB automation), and Custom Solutions for tailored workflow needs.
Product overview
Formed AI is an intelligent automation company offering a suite of products for document processing, workflow automation, and system integration. The product portfolio centers on DocXAP (accounts payable automation combining DocXtraction with workflow/approval), DocXtraction (OCR/ICR data capture with 99% accuracy guarantee), Nexus (smart business automation for workflows and data management), Connect (integration platform with 175+ pre-built connections), MediForm (healthcare patient intake and EOB verification), and Custom Solutions. The platform is cloud-based, accessible via web browser, FTP, or local software installation, and is designed to reduce human effort by 80% or more through AI-driven automation of document processing, data entry, and business workflows.
Differentiator
Problem solved
Functional benefit
Brands
- DocXAP: Accounts payable automation solution combining DocXtraction service and workflow/approval platform for invoice handling, PO matching, GL coding, and ERP integration.
- DocXtraction
- Nexus
- Connect
- MediForm
Products and services
- DocXAP DocXAP is Formed AI's flagship cloud-based accounts payable automation platform that combines DocXtraction data capture services with a workflow and approval platform, providing visibility and control over invoice handling including PO matching, GL coding, ERP integration, and audit trail. Targeted at AP departments and finance teams across multiple verticals.
- DocXtraction DocXtraction is a BPO document and data capture service using proprietary OCR/ICR technology to extract data from paper or electronic documents, forms, emails, and other communications with a guaranteed 99% accuracy. Double-pass processing with human verification handles handwritten and unstructured data.
- Nexus Nexus is Formed AI's smart business automation platform that enables users to capture, manage, manipulate, and integrate data across an entire business. It provides intelligent digital forms, automated data intake, workflow rules to automate repetitive tasks, and passes data between applications. Designed for business process automation across departments.
- Connect Connect is Formed AI's no-code integration platform that connects business applications so data flows freely between them. Features a graphical interface for creating workflows with editable triggers and actions, offering more than 175 established integrations with custom connections available.
- MediForm MediForm is Formed AI's healthcare-specific solution that transforms patient intake, real-time EOB verification, and back-office tasks. It collects accurate patient data through digital intake forms, scans and extracts data from ID and benefits cards, and compares against EHR and insurance data in real-time. Targeted at hospitals and clinics.
- Custom Solutions Custom Solutions combines software customizations with professional services to bridge data, communication, and technology gaps in any business. Formed AI rapidly builds and implements custom solutions for specific business challenges.
Quantifiable outcome
- 80%+ reduction in human effort through business process automation
- +10 more outcomes
Companies that use Formed AI
Customer profileNamed customers10 records
Segments6 records
Ideal customer profiles4 records
Formed AI technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration177 records
AI capability7 records
Feature6 records
Formed AI partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered core.
- ADPcoreIntegration partnership with ADP for HR and payroll system connectivity. Part of FormedAI's 175+ application integration ecosystem.
- EpiccoreIntegration partnership with Epic for EHR connectivity. FormedAI has extensive experience integrating EPIC EHR with other hospital systems for data exchange automation.
- IBMcoreIntegration partnership with IBM including AS400 DB2, Cognos, Notes, and Informix systems. Part of 175+ application integrations.
- MicrosoftcoreIntegration partnership with Microsoft including Office 365, Access, BI, Exchange, SharePoint, Excel, Dynamics 365, Dynamics SL, NAV, GP, CRM, AX, and SQL Server. Part of 175+ integrations.
- OraclecoreIntegration partnership with Oracle including Oracle Database, E-Business Suite, Fusion, SAP, and Business Intelligence OBIEE. Part of 175+ application integrations.
- QuickBookscoreIntegration with all versions of QuickBooks including QuickBooks Online. Frequently referenced in customer case studies for AP automation.
- SagecoreIntegration with Sage accounting software products including Peachtree Now/Sage 50. Part of 175+ application integrations.
- SalesforcecoreIntegration with Salesforce including Sales Cloud, Marketing Cloud, Pardot, CPQ, Demandware, Einstein Analytics, Chatter, and Lightning Platform. Part of 175+ integrations.
- SAPcoreIntegration with SAP including S/4Hana. Part of FormedAI's 175+ application integration ecosystem.
- SiebelcoreIntegration with Oracle Siebel CRM. Part of 175+ application integrations.
- WorkdaycoreIntegration with Workday enterprise software. Part of FormedAI's 175+ application integration ecosystem.
- NetSuitecoreIntegration with Oracle NetSuite and NetSuite OpenAir. Referenced in multiple customer case studies for automated AP invoice processing.
- DocuSigncoreIntegration with DocuSign for electronic document signing and processing. Part of 175+ application integrations.
- CernercoreIntegration with Cerner EHR systems. FormedAI has experience integrating Cerner with hospital systems similar to EPIC integrations.
- MEDITECHcoreIntegration with MEDITECH healthcare IT systems. Part of healthcare EHR integration capabilities alongside EPIC and Cerner.
Scale indicators6 records
Recent moves6 records
Expansion highlights5 records
Formed AI competitors and assessment
Company assessmentDirect peers
- Tungsten Automation (formerly Kofax): Tungsten Automation is a direct competitor in AP invoice automation, document capture, and workflow, with deep ERP integrations and a long enterprise install base. It overlaps almost completely with Formed AI's DocXAP and DocXtraction offerings for finance and shared-service customers.
- Rossum: Rossum is an AI-native IDP vendor focused on AP invoice automation, with pre-built ERP integrations and a usage-based pricing model similar to Formed AI's DocXAP. It targets the same finance-transformation buyer and competes on accuracy and integration breadth.
- ABBYY: ABBYY is a long-standing OCR and intelligent document processing vendor offering data capture, document classification, and AP-automation capabilities. It competes head-to-head with Formed AI's DocXtraction and DocXAP in mid-market and enterprise OCR/IDP deals, and similarly sells into regulated industries.
- Hyperscience: Hyperscience is an intelligent document processing vendor specializing in handwriting and unstructured-form extraction, with deep enterprise deployments in insurance, financial services, and government. It directly competes with Formed AI's handwriting-heavy OCR/ICR capabilities.
- Veryfi: Veryfi provides OCR-based data extraction from invoices, receipts, and documents via API and SDK, with usage-based pricing. It overlaps with DocXtraction's developer/data-extraction motion and competes for accounts that prefer an API-first IDP vendor.
Broad incumbents
- Automation Anywhere: Automation Anywhere is a broad intelligent-automation suite combining RPA with document processing and AP automation. It competes with Formed AI's combined workflow + IDP stack, particularly in large enterprises seeking a single platform vendor.
- UiPath: UiPath is a broader intelligent-automation platform that bundles RPA with document understanding (DU) and AP automation. It competes with Formed AI's workflow + IDP combination, especially in enterprise accounts that prefer a single-vendor automation suite.
- Hyland (OnBase / Brainware): Hyland offers content-services and AP/invoice automation through OnBase and Brainware, with deep ERP integrations. It competes with Formed AI in accounts that prefer a larger content-services incumbent for document capture and AP workflow.
- Microsoft AI Builder / Dynamics 365: Microsoft's AI Builder, Dynamics 365, and Power Automate provide built-in document automation, OCR, and AP workflows for Microsoft-centric enterprises. As an incumbent within the Microsoft ecosystem (already in Formed AI's 175+ integrations), it can disintermediate Formed AI by bundling IDP into existing Microsoft contracts.
Emerging players
- Instabase: Instabase is an AI-native platform for unstructured-document automation with an app marketplace and LLM-driven workflows. It targets similar document-heavy use cases as Formed AI and represents a credible emerging alternative for enterprise document automation.
Market position
Strengths5 records
Weaknesses2 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Formed AI social profiles
Digital presenceFormed AI compliance and trust
Trust signalCompliance4 records
Formed AI financial estimates
Financial estimateRevenue estimate
Valuation estimate
Formed AI leadership team
Management profileNumber of profiles
Profiles2 records
Formed AI funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Formed AI M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Formed AI
What does Formed AI do?
Formed AI provides cloud-based intelligent automation software that combines proprietary OCR/ICR document data capture, workflow automation, and application integration to automate accounts payable, document processing, and business workflows for enterprises. Flagship offerings include DocXAP (AP automation), DocXtraction (data capture with 99% accuracy guarantee), Nexus (smart business automation platform), Connect (integration platform with 175+ business application connectors), MediForm (healthcare patient intake/EOB automation), and Custom Solutions for tailored workflow needs.
Is Formed AI a public or private company?
Formed AI is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Formed AI founded?
Formed AI was founded in 2007. It employs 11 to 50 people.
Where is Formed AI based?
Formed AI is headquartered in Schenectady, United States, in the North America region.
How does Formed AI make money?
Four revenue lines are on record. DocXtraction Data Extraction Services are the primary driver. The others are docXAP AP Automation Subscription, implementation and Integration Services and reseller Partnerships.
Who are Formed AI's main competitors?
Direct peers on record are Tungsten Automation (formerly Kofax), Rossum, ABBYY, Hyperscience and Veryfi. Broad incumbents are Automation Anywhere, UiPath, Hyland (OnBase / Brainware) and Microsoft AI Builder / Dynamics 365. Instabase is listed as an emerging player.
Does Formed AI have an API?
No public API is recorded for Formed AI.
What industry is Formed AI in?
Formed AI's product category is Intelligent Document Automation Software. Its primary akta.pro industry code is HDAEAHAC, Intelligent Document Processing (IDP) & OCR Automation, with a secondary code of HDAEANAI, AI Integration & Orchestration Platforms (Connectors, Workflow, iPaaS for AI). Its NAICS code is 5132 and its SIC code is 7372.