Cognaize lands $18m Series A to fuel AI-powered document processing for financial services
US-based intelligent document processing start-up Cognaize has secured $18 million in a Series A funding round led by Argonautic Ventures.
Cognaize lands $18m Series A funding
The round also saw participation from Metaplanet and several other unnamed investors.
Founded in 2020, the New York-headquartered start-up offers an artificial intelligence (AI) platform built to help financial services firms automate their document processing workflows and maintain control of their data to ensure they can make better and more informed decisions to drive business growth.
Its platform combines deep-learning AI technologies with financial models trained on over 1.3 million documents such as loan applications, SEC filings, ESG-related documents, presentations and trustee reports.
“We remain committed to constructing a cross-source knowledge graph that will deliver deeper intelligence – a critical step for substantial progress in our domain,” comments Vahe Andonians, founder, CTO and CPO of Cognaize.
“We will continue to refine our client-side AI models, guaranteeing nobody gains an advantage of client’s data except the client itself,” he adds.
Cognaize will use the new funds to accelerate its research and product development and boost its marketing and sales capacity to meet what it calls “explosive global demand” for its AI solutions. It claims to have grown its annual recurring revenue by 4x in 2022 and says it has “continued accelerating its growth in the first six months of 2023”.
