2016 in a nutshell
The year kicked off with our showcase product, the Photomath app, developing into a separate, independent company. Something that started two years ago as a demo of our state-of-the-art OCR tech grew into one of the most popular apps worldwide in the educational category!
In September last year, Photomath became the world’s first app that solves handwritten math problems in real time using the mobile camera. During the last two months, Photomath held #1 spot in the educational category on the US App Store for 29 days, with over 40M downloads and more than 600K daily active users. At the end of the year, it was featured as one of the best apps of the year by German Der Spiegel magazine, Spanish El Pais, Austrian The Kronen Zeitung, and other international media. We’re very proud of its success and we’re very optimistic about the future of Photomath as a company!
As the year went by, our payment slip scanned Photoplay was implemented in several new mobile banking apps in the CEE region. In the same time, we added support for documents from more than 100 countries for BlinkID.
Expansion of our customers’ network required recruitment of new talents, so our team grew to 50 peeps!
We gained trust of over 100 new companies from all over the world, from large enterprises to startups, and increased our revenue by 100%! By the end of the year, our technology was being used by millions of end users in over 60 countries.
We traveled to the epicenters of innovation to participate in the most exciting and well-known fintech events in Europe, Middle East, and the US. It was a great opportunity to catch up with our partners and clients, which resulted in promising plans for expansion of our existing cooperation. The conferences and meetings with the industry leaders helped us understand the financial industry challenges in 2017 better, especially when it comes to PSD2 in Europe. This had a big effect on our product development.
New in store
In Q3 & Q4 we proudly introduced two new products in our OCR family and once again proved that machine vision surpasses the obstacle of manual data entry and enables the best user experience for mobile apps:
The first one is an enhancement of a well-known BlinkID product. To our simple and fast ID scanner, we added a new authentication functionality. Identity check is enabled in 3 simple steps for easy new user onboarding: scanning and extracting data from the ID, liveness test, and face matching.
The other one is BlinkReceipt, real-time receipt scanner that enables capturing of complete retail receipts and extracting data on an item level. It is very useful for personal finance management, marketing analysis, cashback or loyalty programs.
What’s cooking in 2017?
We will continue to market new, cutting-edge technology products. In 2017 we're investing a great deal of time and resources in developing new learning systems and upgrading our OCR to the new machine learning technology. Machine learning represents a turning point in the way problems are solved in computer science, and it has caught a lot of attention within the academic community in the last couple of years.
With the new approach our existing real-time text recognition will be even more accurate and, more importantly, we’ll be able to add new features and cover new use-cases, languages and various documents more easily.
Stay tuned for updates throughout the year!