Cognaize, a New York-based company specializing in intelligent document processing (IDP) and utilizing proprietary hybrid intelligence technology, has successfully concluded an $18 million Series A funding round. Argonautic Ventures led the funding round, with substantial contributions from investors like Metaplanet. The primary goal of the funding is to support Cognaize’s rapid growth and further establish its position as a leading provider of hybrid intelligence-driven AI solutions for the global banking and insurance market leaders.
Cognaize employs an innovative hybrid intelligence approach to deliver the potential of AI in the financial services sector.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 will supercharge research, product development, marketing, and sales, thereby expanding Cognaize’s capacity to meet the escalating global demand for their AI solutions. The firm’s products uniquely position them 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 expressed excitement about partnering 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.”
