Cinnamon AI receives $15 million in latest funding round to expand its AI-powered document reader
Cinnamon AI, a provider of artificial intelligence solutions for document data, is securing $15 million in equity funding to support its expansion into the U.S.
“In order to continue attracting top tier AI talent, Cinnamon will continue to make investments in research & development,” said Yoshiaki leda, co-founder and CEO of Cinnamon AI. “Additionally, in order to meet and exceed the unique needs of our more than 50 enterprise clients in the fields of insurance, banking, logistics, and manufacturing, a portion of this investment will be utilized towards global expansion to help extend the human potential of millions - by eliminating repetitive work, and empowering organizations to focus on solving more business problems by freeing up individuals to do more creative work. Imagine what your team will be able to accomplish with Cinnamon when you can focus on what you would like to focus on not what you have to focus on?"
With this new Series B investment, Cinnamon will continue to enhance its AI platform and build products to drive business process re-engineering for large corporations.
With the addition of Takeshi Niinami, Suntory Holdings CEO, as an advisor, Cinnamon is set to continue to collaborate with its channel partners to provide solutions to serve its global customers.
Cinnamon’s AI-powered cognitive document reader understands intent and context and can quickly and accurately transform the most complex unstructured business documents into database-ready content regardless of the original source – handwritten or text data.
“Uniquely, Cinnamon's AI intelligently reads/understands the intent and context of any document (print or handwritten), extracts key information, and seamlessly flows into a structured database in under two minutes,” leda said.
Cinnamon’s mission is to ‘extend human potential by eliminating repetitive tasks.’ Its intelligent data extraction software enables enterprise clients to get actionable data from their application forms, invoices, contracts, and emails.
"Cinnamon plans to continue attracting top AI/machine learning talent, practicing "kaizen"(a Japanese philosophy for continuous improvement) with our robust product road map, and introducing our offering to even more enterprise clients here in the United States,” leda said. “For 2019, we are focusing on global expansion and furthering our mission of ridding boring work from the workplace, and to make the world a better place by empowering teams to be able to focus on more creative work."
This Series B funding round was secured from investors including FinTech Business Innovation LPS (SBI Investment Co., Ltd.), SBI Venture Investment Revitalization Tax System LPS(SBI Investment Co., Ltd.), FFG Venture LPS 1(FFG Venture Business Partners Co., Ltd.), ITOCHU Techno-Solutions Corporation, Sony Innovation Fund, TIS Inc., Mirai Creation Investment Limited Partnership II (SPARX Group Co., Ltd.) Corporate Venture Capital Fund (Nomura Incubation Investment Limited Partnership) of Nomura Holdings Inc., Sumitomo Corporation, Next-Gen Corporation Supporting I Investment Limited Partnership (SMBC Venture Capital Co., Ltd.) Sachio Semmoto (RENOVA, Inc., Executive Chairman Representative Director, and Fujiyo Ishiguro, (Netyear Group Corporation, Representative Director and CEO).
For more information about this news, visit http://cinnamon.is.