Cognaize, a New York-based intelligent document processing (IDP) company powered by its proprietary hybrid intelligence technology, closed an $18 million in Series A funding.
The round was led by Argonautic Ventures, with participation from Metaplanet and other investors.
The funds will be utilized to accelerate research and product development, boost marketing efforts, and expand sales capacity to meet the increasing global demand for Cognaize's AI solutions.
Cognaize has developed a breakthrough approach called hybrid intelligence, which leverages its proprietary technology to deliver AI solutions for financial services.
The company's AI platform combines deep-learning AI technologies, specialized financial models trained on a vast dataset of over 1.3 million financial documents (such as loan applications, SEC filings, ESG-related documents, presentations, and trustee reports), and a unique user interface. This combination enables seamless engagement of human "experts in the loop" throughout the document automation process.
“We are grateful for our amazing customers that have continued to fuel our growth on so many levels,” said Al Eisaian, CEO, Cognaize. “We are also proud of our incredible team that continues to work hard every day to push the frontiers of AI to serve our customers in the best way possible. Finally, we are thrilled by the enthusiastic support and confidence of our investors that believe in our mission. 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.”
The Cognaize AI platform is designed from the ground up to address complex challenges for both data scientists and frontline financial analysts to streamline critical decision-making and deliver dramatic results.
Company: Cognaize Holdings, Inc.
Raised: $18.0M
Round: Series A
Funding Month: July 2023
Lead Investors: Argonautic Ventures
Additional Investors: Metaplanet
Company Website: https://www.cognaize.com/
Software Category: AI-driven IDP Solutions
About the Company: Cognaize is an AI-driven IDP solutions company powered by hybrid intelligence for financial services organizations to drive continuous improvement and make transformative decisions that result in an ever-better business. The company's AI platform is designed to tackle complex challenges faced by both data scientists and frontline financial analysts. Powered by financial AI models, which have been trained on over 1.3 million documents, and each customer’s proprietary data, AI models, and financial experts, Cognaize delivers a complete AI solution integrated into the daily operations of business and data science teams.
Source: https://www.globenewswire.com/news-release/2023/07/18/2706702/0/en/Cognaize-Closes-Series-A-Funding-to-Driver-Further-Innovation-Accelerate-Growth-and-Meet-Exploding-Demand-for-Leading-AI-Solution-for-Financial-Services-Organizations.html