Cognaize – an intelligent document processing (IDP) company powered by its proprietary hybrid intelligence technology – recently announced today that it has closed $18 million in Series A funding to accelerate research and product development, marketing, and sales capacity to meet the explosive global demand for the company’s AI solutions, which currently are focused on meeting the specific challenges of the global financial industry. The funding round was led by Argonautic Ventures, with participation from Metaplanet, and several other investors.
The company has developed a breakthrough approach – hybrid intelligence – to deliver on the promise of AI for financial services. And the company’s hybrid intelligence AI platform combines proprietary deep-learning AI technologies; hyper-focused financial models trained on over 1.3 million financial documents like loan applications, SEC filings, ESG-related documents, presentations, or trustee reports; and a unique user interface that enables the seamless engagement of human “experts in the loop” throughout the document automation process. Cognaize’s AI platform is designed from the ground up to address complex challenges for both data scientists and frontline financial analysts to streamline critical decision-making and deliver dramatic results.
Last year, Cognaize grew its annual recurring revenue by 4x and GAAP revenues by three times from the year prior. And the company has continued accelerating its growth in the first six months of 2023.
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“We are thrilled to partner with Cognaize as they apply the transformative power of AI and large language models (LLMs) to finance. AI has disrupted various industries, but the massive amount of unstructured financial data creates countless use cases that need finance-specific, generative AI. The Cognaize platform can process vast amounts of unstructured financial data and extract insights with remarkable precision and speed, resulting in enhanced decision-making, risk assessment, and the uncovering of patterns and trends previously obscured by complexity and human error. We have strong conviction in Al, Vahe, and the Cognaize team to define how the finance industry interacts with AI.”
— Viken Douzdjian, Managing Partner at Argonautic Ventures
“Cognaize is a company to watch as they are one of the first to deliver repeatable and measurable value through AI in the financial industry. It was an easy decision to invest in Al, Vahe, and the entire Cognaize team. They have already harnessed the power of AI as demonstrated by the enviable growth of Cognaize’s business, the global leaders in finance that they have already secured as customers, and their unmatched technology roadmap. They are rapidly redefining how the finance industry can leverage modern AI to harness the power of their own data to dramatically cut costs while simultaneously creating new competitive advantage.”
— Rauno Miljand, Managing Partner, Metaplanet
“We are grateful for our amazing customers that have continued to fuel our growth on so many levels. We are also proud of our incredible team that continues to work hard every day to push the frontiers of AI to serve our customers in the best way possible. Finally, 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.”
— Al Eisaian, CEO, Cognaize
“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.”
— Vahe Andonians, founder, CTO and CPO, Cognaize
