#Israel #Tel Aviv #Document Management #Factify #Post-PDF

Factify Secures $73 Million to Redefine Document Standards

Introduction
In a groundbreaking announcement, Factify, the pioneers of the post-PDF document standard, have successfully raised $73 million in seed funding to establish a new foundation for digital documents. This funding round, led by Valley Capital Partners, attracted significant interest from prominent figures in the technology and finance sectors, including former Google AI head John Giannandrea and Ken Moelis, founder of the renowned investment bank Moelis & Co.

The Problem with PDFs
PDFs have dominated the business document landscape for over three decades, yet they remain a relic of the pre-digital era. Today, with an estimated three trillion PDFs in circulation worldwide, their limitations are increasingly apparent. Traditional PDFs fail to provide mechanisms for identifying the latest version, tracking access, or ensuring the reliability of contained information. This static nature creates challenges, especially as organizations increasingly leverage artificial intelligence (AI) for document evaluation and action. The existing systems struggle to function effectively with disconnected files that lack proper governance and identity.

Revolutionizing the Document Landscape
Factify’s mission is to transform the digital document itself, a concept that has remained unchanged since the early 1990s when the PDF was first introduced. The company's innovative documents are designed to be intelligent records that provide built-in control and authenticity while being accessible and trustworthy for both humans and AI systems alike.

Matan Gavish, the founder and CEO of Factify, emphasizes the significance of this shift saying,