IDP vendor Cognaize closes $18M Series A funding round

With the Series A funding, Cognaize aims to accelerate research and product development, as well as marketing and sales capacity to meet global demand for its AI solutions, which are currently focused on challenges specific to the financial industry.

Cognaize, an Intelligent Document Processing (IDP) vendor, announced July 18 that it has closed an $18 million Series A funding round. The round was led by Argonautic Ventures, with participation from Metaplanet as well as several other investors.

Al Eisaian, CEO at Cognaize, commented: “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.”

Vahe Andonians, Founder, CTO and CPO at Cognaize, explained: “The advancements in the field of Large Language Models (LLMs) are thrilling, and Cognaize’s finance-specific LLM is outperforming generic technologies. However, we also know that even better comprehension requires a graphical understanding. We remain committed to constructing a cross-source knowledge graph that will deliver deeper intelligence – a critical step for substantial progress in our domain. In addition, Cognaize has been built from day one on the principle of privacy by design as a critical, non-negotiable foundation of everything we do, and we will continue to refine our client-side AI models, guaranteeing nobody gains an advantage of client’s data except the client itself.”

Recently, Cognaize had announced enhancements to its IDP platform that extend the accuracy of its Financial Insights Engine through its proprietary Knowledge Graph.

Headquartered in New York, Cognaize provides an Intelligent Document Processing (IDP) solution for financial services organizations. Cognaize’s hybrid intelligence platform combines proprietary deep learning AI technologies with financial models trained on over 1.3 million financial documents and a user interface that enables the seamless engagement of human “experts in the loop” throughout the document automation process.

You can find the full press release here.

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