New York-based Cognaize, an intelligent document processing (IDP) company harnessing proprietary hybrid intelligence technology, announced the closure of an $18m Series A funding round.
The funding round, spearheaded by Argonautic Ventures and featuring significant contribution from Metaplanet among other investors, seeks to fuel Cognaize’s rapid growth trajectory and consolidate its leading position in hybrid intelligence-driven AI solutions targeted at the global banking and insurance market leaders.
Cognaize operates by deploying an innovative hybrid intelligence approach to fulfil the promise of AI in financial services. Its advanced AI platform combines bespoke deep-learning AI technologies and financial models, informed by more than 1.3 million financial documents such as loan applications, SEC filings, and ESG-related documents.
With a unique user interface, the platform ensures the smooth involvement of human “experts in the loop” throughout the document automation process. By tackling the complex challenges faced by data scientists and frontline financial analysts, the Cognaize AI platform streamlines decision-making and drives notable results.
The recent funds are set to supercharge research, product development, marketing, and sales, thus expanding Cognaize’s capacity to meet the escalating global demand for their AI solutions. The firm’s products are uniquely positioned to address the specific challenges of the global financial industry.
Following a year of remarkable growth, with Cognaize’s annual recurring revenue and GAAP revenues increasing by 4x and three times respectively from the previous year, the firm has sustained its upward momentum in the first half of 2023.
Argonautic Ventures managing partner Viken Douzdjian said, “We are thrilled to partner with Cognaize as they apply the transformative power of AI and large language models (LLMs) to finance. We have strong conviction in Al, Vahe, and the Cognaize team to define how the finance industry interacts with AI.”
Rauno Miljand, managing partner at Metaplanet, expressed similar sentiments. “Cognaize is a company to watch. They are rapidly redefining how the finance industry can leverage modern AI to harness the power of their own data to dramatically cut costs while simultaneously creating new competitive advantage.”
CEO of Cognaize, Al Eisaian, said, “Closing this oversubscribed Series A is a testament to our investors’ commitment as well as the value Cognaize’s AI solutions are delivering to a who’s who of global leaders in the financial industry.”
Vahe Andonians, founder, CTO and CPO, Cognaize, said, “We remain committed to constructing a cross-source knowledge graph that will deliver deeper intelligence – a critical step for substantial progress in our domain.”
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