Document automation startup ADEx, which started in 2019 with software to extract data from documents such as leases, rent lists and site plans, has announced that it has extended to a number of commercial real estate verticals.

“The pre-seed startup will now offer its intelligent document automation platform to businesses in the real estate industry,” a company press release reads. “Document processing replaces the tedious manual workflows that plague CRE investment professionals, portfolio managers, property management, lease administrators, mortgage lenders, loan managers, business brokers, title and escrow agents.”

Document processing and management systems have long been available to businesses. Even the smallest companies have used commercial capabilities to process documents electronically. CRE consumes a lot of documents that could theoretically benefit from such systems.

“With the ability to apply secondary calculations that reduce human needs in the loop and automatically capture images, tables, signatures and sitemaps from documents, whether digital, scanned or handwritten, ADEx’s lease abstraction capabilities far exceeded customer expectations,” the company continued.

The company claims over 95% data mining coverage and that it could automatically perform lease abstraction four times faster than people doing the same work. “In a customer benchmark study, these results generated time savings of up to 8 hours per week for the average team member,” the company claimed.

The company started with lease abstraction. Users could feed documents into the system, which then extracted the data into a form that analysts could use, saving time searching for required information in documents. ADEx claims that its system has processed over 7 million documents and can handle over 2,000 types of real estate documents.

Another company product, Queues, “understands the content of all types of unstructured and unpredictable documents and feeds relevant data points into existing systems to take workflow automation to the next level of efficiency. “.

The company says it’s in a pre-seed stage, which seems to indicate that there haven’t been any major investments yet. The recovery of equity investments given the economic uncertainty could be a challenge. Some big tech venture capital firms have warned their portfolio companies to buckle down and prepare for a time when raising additional funds will be difficult at best.