Cinnamon AI — a Tokyo-based intelligent business automation platform — has raised $15 million in Series B funding. Cinnamon’s AI’s cognitive document reader is able to turn any document into decision-ready data that can understand intent and context. And it can quickly and accurately transform the most complex unstructured business documents into database-ready content regardless of the original source whether it is handwritten or text data.
Cinnamon AI’s technology has 99.2% accuracy for handwriting recognition and is up to 100% accurate for business data. And it can be used in both on-premise and in cloud-based environments.
This round of funding was provided by 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). In conjunction with this funding round, Suntory Holdings CEO Takeshi Niinami has joined the company as an advisor.
With this funding round, Cinnamon will continue to enhance its AI platform and build products to drive business process re-engineering for large corporations.
“Our initial objectives for Cinnamon in the U.S include establishing the company as a technology presence in Silicon Valley while adding to our core development group and on-boarding a U.S. sales team,” said Cinnamon AI CEO Miku Hirano in a statement. “Building a strong investor structure to drive this expansion has been a key part of our strategy, helping us to continue to create new and enhanced AI technology like voice recognition. We are pleased to have secured this final second round of investment from such an esteemed group of investors.”