Factify, creators of the post-PDF document standard, announced a $73M seed round to build a new foundation for documents. The round was led by Valley Capital Partners, with participation from technology and business leaders including John Giannandrea, former Head of AI at Google and SVP of AI at Apple, Ken Moelis, Founder of investment bank Moelis & Co., and Peter Brown, CEO of renowned quantitative hedge fund Renaissance Technologies.
More than 30 years after Adobe introduced the PDF, it remains the default format for business records, contracts, agreements, and compliance documents, with an estimated three trillion PDFs in circulation worldwide. Yet the core document technology itself has barely evolved: Today’s documents provide no native way to identify the latest authoritative version, who accessed it, or whether the information inside can be trusted. As organizations increasingly rely on AI to review, approve, and act on documents, they are forcing those systems to operate on disconnected, static files that lack identity, provenance, connectivity, and governance.
Factify was built to rebuild the digital document itself – for the first time since the PDF was created in the early 1990s. The Factified document is a governed record, with built-in control, authenticity, and intelligence. It can be created, used, and trusted equally by humans and machines.
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“Replacing the PDF is a once-in-a-generation opportunity,” said Matan Gavish, Founder and CEO of Factify. “We don’t just want to solve the inadequacies of the PDF – we want to do it in a way that creates a bedrock for post-AI businesses. PDFs remain the last major holdout of the pre-digital world inside document-heavy organizations. Layering outdated tools like digital signatures on top of static files only makes companies less future-proof, especially as AI moves into core business workflows. Forward-looking companies want software investments that compound over time. What’s missing is a new foundation that enables compounding software and AI investments in regulated industries. That’s what Factify is building.”
In 2012at Stanford University Gavish began publishing research with Professor David Donoho, a recipient of the MacArthur, Shaw, and Gauss prizes, that included early warnings about the limitations of PDFs in an increasingly automated world. He later joined the faculty of the Hebrew University of Jerusalem as a computer science professor, but continued his document obsession. He founded Factify in late 2023.
SOURCE: PRNewswire