Cognaize, the intelligent document processing (IDP) company powered by its proprietary hybrid intelligence technology, announced that it has closed $18 million in Series A funding in order “to accelerate research and product development, marketing, and sales capacity to meet the explosive global demand for the company’s AI solutions, which currently are focused on meeting the specific challenges of the global financial industry.”
The investment round was “led by Argonautic Ventures, with participation from Metaplanet, and several other investors.”
Cognaize claims that it “has developed a breakthrough approach – hybrid intelligence – to deliver on the promise of AI for financial services.”
The company’s hybrid intelligence AI platform “combines proprietary deep-learning AI technologies; hyper-focused financial models trained on over 1.3 million financial documents such as loan applications, SEC filings, ESG-related documents, presentations, or trustee reports; and a unique user interface that enables the seamless engagement of human ‘experts in the loop’ throughout the document automation process.”
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.”
In 2022 Cognaize grew its annual recurring revenue “by 4x and GAAP revenues by three times from the year prior.” The company has “continued accelerating its growth in the first six months of 2023.”
Viken Douzdjian, Managing Partner at Argonautic Ventures, said:
“We are thrilled to partner with Cognaize as they apply the transformative power of AI and large language models (LLMs) to finance. AI has disrupted various industries, but the massive amount of unstructured financial data creates countless use cases that need finance-specific, generative AI. The Cognaize platform can process vast amounts of unstructured financial data and extract insights with remarkable precision and speed, resulting in enhanced decision-making, risk assessment, and the uncovering of patterns and trends previously obscured by complexity and human error. We have strong conviction in Al, Vahe, and the Cognaize team to define how the finance industry interacts with AI.”
Rauno Miljand, Managing Partner, Metaplanet, said:
“Cognaize is a company to watch as they are one of the first to deliver repeatable and measurable value through AI in the financial industry. It was an easy decision to invest in Al, Vahe, and the entire Cognaize team. They have already harnessed the power of AI as demonstrated by the enviable growth of Cognaize’s business, the global leaders in finance that they have already secured as customers, and their unmatched technology roadmap. 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.”
Al Eisaian, CEO, Cognaize, said:
“We are grateful for our amazing customers that have continued to fuel our growth on so many levels. 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.”