Data management specialist Irosoft received bdc financing during pandemic
MONTREAL, November 30, 2020 – Irosoft received financing from BDC’s Technology Industry Team in the early stages of the COVID-19 pandemic to enable it to maintain its activities and pursue its growth projects. Founded in 1995, Irosoft is a technology and consulting services company that is highly recognized in Quebec in the fields of information management and data valorization.
In recent years, the company has invested heavily in launching a new subsidiary, LexRock AI, and in developing its cutting-edge IT solutions. These are platforms that use artificial intelligence to automate the analysis of massive quantities of information in the financial, legal, insurance and regulatory compliance fields. Irosoft was preparing to expand the marketing of LexRock AI ’s offering when the current health crisis occurred.
A number of Irosoft’s service contracts, many with governments, naturally had to be interrupted when the pandemic broke out. BDC’s loan was intended to ensure that the company’s working capital was maintained at a level that would allow it to continue its normal activities and growth projects, including those related to LexRock AI. The loan is specifically adapted to the pandemic context and includes a reduced interest rate and patient repayment terms. Irosoft has since been able to resume most of its activities.
“Irosoft, and particularly its subsidiary LexRock AI, were in full acceleration when the pandemic hit,” explains Alain Lavoie, co-founder and Chairman of the Board of Irosoft and President of LexRock AI. “The image that comes to mind is that of a jockey holding his horse back during a race. That’s sort of how we felt in February and March 2020. BDC’s assistance sparked a series of actions that allowed us to resume our game plan for LexRock AI ’s growth. More people are working for LexRock AI today than before the pandemic. The jockey released his bridle, and the horse took off again. We thank BDC for supporting and trusting us.”
“Irosoft and its president, Alain Lavoie, have a great reputation in Quebec’s information technology community. As the development of LexRock AI demonstrates, their expertise is at the cutting edge of the data management field,” says Stéphanie Bourret, Regional Director of BDC’s Technology Industry Team for the Quebec region. “It was important for BDC to help this leading technology company get through this difficult period and stay on track with its growth objectives to enable it to expand its market internationally.”
Founded in 1995, Irosoft is a service and technology company specializing in the valorization of structured and unstructured data. It develops tools, algorithms, and products based on natural language processing (NLP) and on modern machine-learning and artificial intelligence (AI) techniques that enable its clients to transform simple information into practical, usable data. An important AI development centre, Irosoft is very much involved in the IT ecosystem and keeps abreast of the latest trends and methodologies in artificial intelligence. www.irosoft.com
About LexRockAI Technologies Inc.
LexRockAI is a spin-off of Irosoft’s existing technologies, talent and activities. It draws on nearly 25 years of experience, expertise and intellectual property. It is dedicated exclusively to the development and marketing of products using artificial intelligence for the financial and insurance sectors, law firms and the legal departments of large companies and organizations.
LexRockAI’s technologies enable users to read, review, analyze and extract information from documents more quickly and accurately through artificial intelligence. These technologies enhance users’ capabilities in their daily tasks. A task that would typically take several hours to complete manually can be accomplished in just a few minutes with these technologies. They therefore allow users to focus on the most intellectual tasks and let AI take care of the repetitive and tedious tasks. Experience has shown that these technologies improve users’ performance speed by between 200% and 500%.
BDC is the bank for Canadian entrepreneurs. It provides access to financing, as well as advisory services to help Canadian businesses grow and succeed. Its investment arm, BDC Capital, offers a wide range of risk capital solutions. For more than 75 years, BDC’s only purpose has been to support entrepreneurs in all industries and at all stages of growth. For more information and to consult more than 1,000 free tools, articles and entrepreneurs’ stories, visit bdc.ca.