HOUSTON, Feb. 28, 2019 -- ThoughtTrace, the leading provider in AI/ML for contract analytics and document intelligence, has much more growth on the horizon after a strong 2018. Last year, the company grew its customer base by 4X. As part of the response to this growth, ThoughtTrace has moved its corporate headquarters from The Woodlands to a new office in the Phoenix Tower of Greenway Plaza.
"Companies are increasingly focused on embracing 'leap ahead' technologies to create efficiencies and new opportunities," said Nick Vandivere, CEO ThoughtTrace. "We have seen this first hand and are taking every measure to support and exceed the expectations of our growing customer base."
This includes bringing on more team members to help guide customers as they transform their process for managing large volumes of complex, unstructured information, often found in contracts and other documents. A larger team needs a larger space, and the new headquarters in the Phoenix Tower was built to accommodate today's need and tomorrow's growth. The decision to open a new office went beyond creating a great space for staff; a primary driver was the team's continual dedication to customer success and education and enablement. The new office was designed to accommodate training courses, focus groups, meetings & events, and more. ThoughtTrace's software development and data science teams will remain in The Woodlands.
ThoughtTrace launched the first domain specific, AI/ML powered document intelligence and contract analytics platform, ALI™, in 2017. Organizations in many industries have traditionally lacked domain-specific solutions for contract and document intelligence, leaving them with only a cursory understanding of some of their most important data. Leveraging AI/ML as a compliment to human expertise, ALI™ by ThoughtTrace reads, organizes and structures data, allowing users to quickly identify actionable insights, and make better decisions.
Today, ThoughtTrace's customer base spans the industry across Oil & Gas, from Upstream to Midstream, Mineral Buyers, and A&D Professionals. Looking ahead, ThoughtTrace is actively expanding ALI's domain knowledge to support the Supply Chain, Renewables, Real Estate, and Utilities industries, helping each customer save time, reduce risk, and seize opportunities in 2019.
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About ThoughtTrace: The ALI™ platform by ThoughtTrace uses machine learning and artificial intelligence to read words, sentences, and paragraphs in supplier agreements, customer contracts and related documents just like a human does. ALI is not a generic, industry-agnostic AI. The platform is built specifically for the needs of Supply Chain, Oil & Gas, Utilities, Renewables, and Commercial Real Estate. With our domain-specific approach, our customer's time-to-value is literally minutes, not weeks or months.