Applica, an enterprise software company, has closed its Series A funding round which was led by Cogito Capital Partners.
Barclays also contributed fund to the round.
This equity injection will be used to support the global expansion of the company as well as forming go-to-market partnerships, particularly in the US.
Applica develops AI-powered robotic text automation solutions which help clients extract actionable information from large volumes of unstructured and semi-structured documents, such as regulatory financial filings, earnings call transcripts, commercial contracts and court rulings. The platform helps lower human workforce burdens, reduce document turnover and lower human error.
Its services can be used for credit verification, as it automatically extracts relevant information from official documents and performs content comparisons which are better than human scrutiny.
Applica CEO Piotr Surma said, “Applica is on a mission to free knowledge workers from repetitive and text-intensive tasks and let them focus on higher value work. The success of RPA is a steppingstone for powerful AI-based platforms to automate work that requires human-level scrutiny and comprehension of documents.
“The financial backing and domain expertise of Cogito and Barclays will help us execute our strategy and strengthen Applica’s presence in the US market.”
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